In Focus: Some initiatives, schemes and grants for women entrepreneurs in Ohio
#WomenInBusiness #OhioEntrepreneurs #FemaleFounders #Entrepreneurship
Ohio, fondly known as “The Buckeye State,” is emerging as a powerhouse for women entrepreneurs, offering a unique mix of affordability, business-friendly policies, and a skilled workforce. With a recent $86 million investment targeted specifically at women, minority-owned, and underserved businesses, Ohio is fast becoming a beacon of opportunity for female founders. The venture capital, sourced through the federally funded State Small Business Credit Initiative, is being distributed across 11 professionally managed funds. These funds are dedicated to nurturing innovation and fostering entrepreneurial growth in sectors like healthcare, manufacturing, and food technology.
Why Ohio is the Go-To State for Female Founders
Ohio’s support for women entrepreneurs doesn’t stop here. With a robust network of incubators, mentorship programs & access to venture capital, female founders have everything they need to grow and scale their businesses. Combine this with Ohio’s recent shift in America’s Top States for Business 2024 rankings (where it jumped from 12 to #7), and it’s clear that the state is committed to creating an inclusive, thriving entrepreneurial ecosystem. Whether you’re launching a startup or scaling an existing venture, Ohio’s entrepreneurial resources are the rocket fuel women entrepreneurs need to soar.
Let us take a look at some initiatives, schemes & grants for women entrepreneurs in Ohio.
> Women’s Small Business Accelerator Inc
This is an exclusive community of women entrepreneurs ready to dream, launch & grow together. Here you can tread the path – From Startup to Scaleup, and pick a program. The options available are many. Even if you are in business less than a year, they help you build your business from the ground up. Then you can grow your business, if you’re ready to break through the barriers. And then you can scale your business, and match with mentors too as you can follow their path.
> Launch Dayton
At Launch Dayton, they dream of a thriving Dayton economy fueled by locally-grown entrepreneurs. Their work is basically, to establish a culture where entrepreneurs build solid foundations and connect to support networks to drive business growth.
It is important that Women’s Business Enterprise Loan Program is available here. This loan program is designed to stimulate the growth of existing women-owned businesses – by providing loans at market rate or below market rate interest (currently up to 3%). The minimum loan amount is $45,000 up to a maximum of $500,000. Loans will be repaid within 10 years for equipment and machinery and 15 years for owner-occupied real estate. The business has its principal place of business and its business operations located in Ohio.
https://launchdayton.com/
Ohio Government Agencies
> Ohio Department of Development
The Ohio Department of Development supports the growth and sustainability of small, minority & disadvantaged businesses. Supporting these businesses means – providing them with technical and professional assistance, access to capital and bonding, and connection to business opportunities through the Minority Business Assistance Centers (MBAC).
The Ohio Department of Development works with entrepreneurs and emerging business enterprises – to help them achieve scale and market success.
> State of Ohio – 1st Stop Business Connection
The 1st Stop Business Connection provides free state-level information needed to get started or continue on your entrepreneurial journey.
The resources include:
Startup Guide: Review Starting Your Business in Ohio for guidance on choosing a legal entity (such as a corporation or limited liability company or LLC) and registering with the Ohio Secretary of State, employer requirements, business taxes, and more.
Hiring Guide: What you need to know when hiring your first, or next, employee.
Checklists: Checklists cover state regulations for specific types of businesses across all industries.
> Ohio Small Business Administration – SBA
The Ohio SBA is supported by main district offices in Columbus and Cleveland, as well as additional locations in Cincinnati and Dayton.
They provide services including – funding programs, counseling, federal contracting, certifications, and disaster recovery. They can also connect you to partner organizations, lenders, and other community groups that help small businesses succeed.
https://www.lisamasiello.com/ohio-women-entrepreneurs-start-a-new-business
Ohio Agencies & Non-profit Organizations
> Ohio Small Business Development Centers – Ohio SBDC
What the Ohio Small Business Development Centers (SBDC) does is that they provide business counseling and assistance to individuals, who are either starting or growing their business.
Each center is staffed with highly-trained, Certified Business Advisors (CBA) who help small businesses and entrepreneurs with development and growth to increase sales and create jobs in their local communities.
Their Services include: Business assessment evaluation; Cash flow analysis; Financial projections development; Strategic business planning; One-on-one business counseling; Identifying sources of capital; Workshops and training programs; Marketing strategy development; Market feasibility and research & Export assistance.
> Women’s Small Business Accelerator
The Women’s Small Business Accelerator (WSBA) is a non-profit accelerator, founded by successful women business owners for women business owners. They provide a number of facilities like – education, peer support, mentoring, and accountability to help women on their entrepreneurial journey start and grow their own businesses.
The Inspired Entrepreneur program is a business accelerator for women entrepreneurs, who have launched their business, who have not monetized their business, are not profitable, and simply are not where they need to be to scale and grow their business.
The Inspired Entrepreneur program is an intensive accelerator program – designed to develop and grow a small business through facilitated small group sessions combined with one-on-one coaching. The end result is – a completed business plan, a polished elevator pitch & an implementation plan for a profitable business.
> Economic and Community Development Institute – ECDI – Women’s Business Centers of Ohio
The ECDI Women’s Business Centers of Ohio (WBCs) are dedicated to eliminating the obstacles women face in the world of business – by providing resources, training and access to capital. WCDI enables you to:
Start Up: Go from idea to open, or shore up on business basics before your young company takes off.
Stay Up: If your business is off the launch pad, and you’re looking for ways to fly higher (or better).
Scale Up: When you’re gearing up to grow, you’ll find next-level mentors and resources.
> National Association of Women Business Owners – NAWBO Columbus
The NAWBO Columbus Roundtables program provides – both first-time and experienced business owners with a confidential, supportive group to share ideas, insights, advice, and inspiration.
Each Roundtable consists of approximately five to nine women business owners who meet monthly to discuss the individual challenges, concerns and triumphs that come with owning your own business. Each of the participants is a woman, who understands the pressures of business ownership and has relevant experience to share.
There are general roundtables for all types of businesses, no matter the size or how long you’ve been in business.
> SCORE Ohio
SCORE Ohio is a group of volunteer business mentors, who provide guidance – to those desiring to start up a new small business or to assist existing small businesses in improving their profitability.
Volunteers are successful real-world business professionals who help existing and startup businesses succeed. They are experts with experience in areas such as accounting, finance, human resources, consulting, import/export, law, operations, production, retail, wholesale, manufacturing, sales, marketing, management, business plan preparation, strategic planning, and many other disciplines.
SCORE Ohio provides:
Volunteer mentors who share their expertise across many industries
Free, confidential business mentoring in person, via email, or by video
Free business tools, templates, and tips
Inexpensive or free business workshops and webinars
https://www.lisamasiello.com/ohio-women-entrepreneurs-start-a-new-business
Funding – State and Federal Sources
> U.S. Small Business Administration – SBA – Funding Resources
The U.S. Small Business Administration helps small businesses get the funding they need. Funding resources include:
Loans: Start or expand your business with loans guaranteed by the SBA.
Investment capital: Find an investor for your business. Investors make both debt and equity investments.
Disaster assistance: Get help after a disaster with low-interest disaster loans.
Surety bonds: Protect your work and your client with an SBA-guaranteed surety bond.
Grants: Look for government grants that help businesses do scientific research and development.
> Economic & Community Development Institute – ECDI
The Economic & Community Development Institute (ECDI) is one of the top U.S. Small Business Administration intermediary microlenders, with a mission to invest in people to create measurable and enduring social and economic change.
ECDI provides responsible, affordable lending and comprehensive small business development services to help under-banked people and communities join the economic mainstream. ECDI’s target population includes low-moderate income individuals, minorities, women, immigrants, and refugees, and those otherwise precluded from funding from a traditional financial institution.
https://www.lisamasiello.com/ohio-women-entrepreneurs-start-a-new-business
> Amber Grant
From WomensNet, Amber Grant for Women has funded hardworking women business owners since 1998. And, what is interesting is that you can apply today!
They give out three of these $10,000 Amber Grants every month. And if you are one of our monthly winners, you’re eligible for one of our three Year-End $25,000 Amber Grants. Fill out their two-question online application in just a few minutes — and you could be awarded $35,000 in grant money by the end of this year.
It really is very simple. No complicated forms, financial disclosures, or personal bank statements to share. Just explain your business dream, and what you would do with a $10,000 business grant.
https://ambergrantsforwomen.com/business-grants-women-ohio/
> 89 Women Grants for Ohio
This involves – Grants for women entrepreneurs, seed money to individual women, college grants for women, small business grants for women, enterprise grants and grants for minority women.
https://ohio.grantwatch.com/cat/39/women-grants.html
Avtar Madan
Himanshu
Shree Lahiri
