Minority Assistance

 

MEDC

The Minority Economic Development Council (MEDC), a community based initiative sponsored by the Dayton Business Committee and the Dayton Foundation provides:

For more information click here

 

 

SCOMSDC

The South Central Ohio Minority Supplier Development Council (SCOMSDC), an affiliate of the National Minority Supplier Development Council (NMSDC) is dedicated to providing a direct link between Minority Business Enterprises (MBEs) and its corporate members. 

 

Formed in 1999, SCOMSDC has over 30 years of combined experience in assisting in the development of mutually beneficial relationships between minority-owned businesses and corporations. With offices in Cincinnati, Columbus and Dayton, SCOMSDC has over 140 Corporate Members and 400 certified MBEs.

SCOMSDC can assist in the following areas:

Dayton Office
1 Chamber Plaza Dayton, Ohio 45402
phone: (937) 226-8265 fax: (937) 226-8254 or click here

 

The MCBAP offices provide one-on-one counseling to new and existing business owners. The MCBAP offices are staffed with certified business counselors that assist minority entrepreneurs with loan and bond packaging services, management, technical, financial and contract procurement assistance.  The MCBAP offices are located in 8 regional areas including Akron, Cincinnati, Cleveland, Columbus, Dayton, Portsmouth, Toledo and Youngstown.  MCBAP offices help minority firms with the following:

 

MCBAP Services Also Include:

Services offered by the MCBAP offices are provided to new and existing business owners free of charge.

 

City of Dayton
Minority Contractors Business Assistance Program
201 Riverside Drive, Suite 1E
Dayton, OH 45405-4956
Phone: 937.223.2164
Fax: 937.223.8495

http://www.daytonmcbap.com/

 

Financing Options:

A frequent obstacle to minority and small business expansion and growth is the lack of capital. The Office of Minority Business Financial Incentives administers loan and bond programs that promote the growth and establishment of minority and small enterprises in Ohio. OMFI administers the Capital Access Program, Minority Direct Loan Program, The Ohio Mini-Loan Guarantee Program and the Minority Business Bond Program.

 

 

Capital Access Program

Encourages lending by establishing a unique loan "guarantee" reserve pool at the lending institution. The State, the lender and the borrower each make a small contribution into the pool. The reserve pool is available to the lender for recovery of any losses they may have for any loan that is enrolled in the Capital Access Program.

 

 

EDGE Program

The State of Ohio is committed to making all state contracts, services, benefits and opportunities available to businesses without discrimination on the basis of race, color, religion, sex, national origin, disability, age or ancestry. The program is designed to facilitate access to state government contracts and business services for EDGE certified businesses. The EDGE program establishes goals for state agencies in awarding contracts to certified EDGE businesses. EDGE procurement contracts apply to: goods and services, professional services, information technology services, construction, architecture and engineering.

 

 

MBE Program

Welcome to the Minority Business Enterprise (MBE) Unit. The Unit has the responsibility for implementing the State of Ohio's minority business set-aside program making them eligible to participate in the state's set aside program, as well as assisting state agencies with the selection of set aside contracts, maintaining a list of certified minority business enterprises, monitoring program compliance, and conducting research & reporting. The MBE Unit currently has approximately 800 certified minority business enterprises.

 

Ohio Minority Direct Loan Program provides direct loans for businesses locating or expanding in Ohio that demonstrate they will create new jobs for Ohio citizens. The program, authorized under Chapter 122 of the Ohio Revised Code, is administered by the Ohio Department of Development’s (ODOD), Office of Minority Financial Incentives.

The Minority Direct Loan Program focuses on several factors to determine the eligibility of a business for the State’s incentive financing. Chief among those determinations are the number of jobs created and/or retained as a result of the State’s investment, the extent of participation by the business and a conventional lender in the project; and the demonstration by the business that the State’s assistance is necessary in order for the project to go forward. In its review of loan applications, the office also evaluates the management capacity of the company, the availability of working capital, and the overall ability of the company to repay its debt.

These criteria are designed to provide a more definite review of the applicant’s need and capabilities.
The State’s financing is take-out financing. In other words, the business will need to complete its project utilizing interim financing from a conventional lender, and its equity. When the project is completed, the State’s funds will be released.

 

Minority Business Bonding Program

Eligible businesses must be certified by the Ohio Department of Administrative Services Equal Opportunity Coordinator as a Minority Business Enterprise (MBE).  To be eligible for this program, the business must have been denied a bond by two surety companies within the current fiscal year; the project must be economically sound; and the minority business must not have defaulted on a previous bond issued by the Ohio Department of Development.
The maximum bonding line pre-qualification is $1 million per business.  The premium for each bond requested is 2 percent of the face value of the bond.  The business must demonstrate the benefit to Ohio residents by increasing employment opportunities.  The collateral and/or security are the personal guarantees (indemnity agreements) of the principals and persons substantially involved in business operations, and other such collateral as warranted.

 

The review and approval process begins when the company submits a bonding application; the application and supporting documentation are reviewed by the Office of Minority Financing Advisory Board (which meets every fourth Tuesday).  If approved, the application is submitted to State Controlling Board for approval, and a prequalification letter will be issued and the company will submit request(s) for actual bond issuance.