Friday, November 23, 2012

Get Extra Collateral to Fund Your Ohio Business. Get Access to More Funds in 10 More States

One of the biggest roadblocks in business funding for newcomers is finding the collateral that will make you a good loan prospect.  Many just don't have enough.  The Ohio Development Services Agency has a fairly new program to help.  It's the Collateral Enhancement Program.  It can provide up to 30% of the loan collateral for a small business (up to 50% for certified minority or women-owned businesses, or businesses in the HUB Enterprise zones. While business owners cannot apply for the collateral, lenders can.  However, if you think collateral might be an issue, you can contact a local Development Services Agency office and ask them to direct you to a lender that participates in the program. 

This program is the result of a grant from the U.S. Treasury Department to enhance the access of capital to small businesses in 11 states.  If you a small business owner in the other ten states-- Tennessee, Iowa, Idaho, Texas, Mississippi, Louisiana, Florida, Virginia, Oregon, and Alabama-- use the links to your state's business development office to find out what programs might be offered in your state.

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