Although business grant programs don't specifically extend eligibility to grandmothers in rural Ohio, certain programs can help Ohio grandmothers get their businesses started. Few programs offer grants for starting a business --- however, other options available for grandmothers in rural Ohio include direct and guaranteed loan programs. Funding sources for rural businesses in Ohio include agencies of the U.S. Department of Agriculture, the U.S. Small Business Administration and state agencies.
State-Sponsored Assistance Programs
The state of Ohio offers a limited number of programs that provide financial assistance for businesses. The Ohio Department of Development administers the Ohio Workforce Guarantee program, which reimburses businesses for training costs. The program only extends eligibility to businesses in certain industries, including aviation, environmental technology, distribution, parts manufacturing, electronics and agriculture. At the time of publication, the Ohio Workforce Guarantee program only offers training reimbursements for instruction of full-time employees paid $10.88 per hour or more.
U.S. Small Business Administration
The U.S. Small Business Administration doesn't offer start-up grants for businesses, but it does sponsor numerous loan programs. The Rural Lender Advantage program guarantees loans made by small, rural lenders to businesses. The program seeks to promote economic development in rural communities that have lost businesses or population and rural areas that have high unemployment. At the time of publication, borrowers can obtain Rural Lender Advantage loans up to $350,000. The SBA guarantees 75 percent to 85 percent of Rural Lender Advantage loans, depending on the loan amount.
USDA Grants
The U.S. Department of Agriculture offers a limited number or grants to help start rural businesses. The USDA's Rural Development division administers the Rural Business Opportunity Grant program, which provides funding for rural cooperatives, nonprofit corporations, government agencies and Indian tribes. The program seeks to promote economic development in rural areas and provides funding for business planning and training initiatives.
The Rural Development division also administers the Small Socially Disadvantaged Producer Grant program. The program awards grants to minority agricultural producer associations and cooperatives, which use funds to assist minority producers. Minority producers can include gender, ethnic or racial minorities in agricultural industries such as ranching, farming, fishing or logging. The program does not provide operating capital for grantees but allows recipients to use funds to provide technical assistance for producers, such as business planning and market development.
USDA Loans
The USDA sponsors loan programs for rural businesses. The Business and Industry Loan Guarantee program, administered by the Rural Development division of the USDA, seeks to preserve and expand jobs in rural areas with populations of 50,000 or fewer people. The program offers guarantees on loans for individuals, cooperatives, corporations and Indian tribes. Borrowers can use loans to build land, refinance debt, purchase buildings or for working capital.
The Farm Service Agency of the USDA administers the Socially Disadvantaged Farmers and Ranchers Loan program, which offers direct loans for minority agricultural producers. The program provides loans to help producers purchase farms, livestock, farm equipment or feed. Qualified producers may also obtain funding through the program for training costs or to refinance debt.
Tags: Business Administration, Development division, Guarantee program, Lender Advantage, loan programs, program which
