Mike DeWine seeks aid for Ohio small businesses
COLUMBUS — Gov. Mike DeWine and Lt. Gov. Jon Husted have applied to the U.S. Small Business Administration to qualify the state for federal help for small businesses.
The Economic Injury Disaster Loan program helps small businesses and nonprofit groups impacted by the coronavirus pandemic by offering low interest loans up to $2 million to help overcome lost revenue they are experiencing.
The money can be used to pay for fixed debts, payroll, accounts payable and other bills that can’t be paid because of the impact of COVID-19. The interest rate is 3.75 percent for businesses without credit available elsewhere and 2.75 percent for nonprofits. Businesses with credit available elsewhere are not eligible. The loans can be repaid over a maximum 30 years.
Once the state is qualified, Ohio Development Services Agency will work with the SBA to notify entities about application.
“In the last three days, more than 1,500 businesses have shared their stories with us about the challenges they are facing, which informed our application for these disaster loans,” said Lydia Mihalik, director, development services. “The need is urgent, and we are moving quickly to support Ohio’s small businesses and nonprofits.”