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ODOD announces new program to help small businesses gain capital

To Help Small Businesses Gain Access to Capital, Ohio Offers New Online Lending ‘Match’ Service

Public-Private Partnership Aimed at Helping Retain and Grow Small Businesses

Small businesses in Ohio have a new connection that enables them to easily apply for loans from several lenders simultaneously through a joint effort between the Ohio Department of Development, the Treasurer of State, the State’s Small Business Assistance Centers, and a number of participating financial institutions.

The new program, the Ohio Business Lending Clearinghouse, is being announced today at events in Columbus, Cleveland, and Cincinnati.

“One of the biggest challenges facing small businesses today is finding capital to grow their companies,” said Lisa Patt-McDaniel, Director of the Ohio Department of Development.  “Our goal is to help connect business with Ohio lenders who are interested in extending loans to qualified businesses. We also want to help steer small businesses toward resources in Ohio that can assist them with their business development plans. The Clearinghouse is a win for Ohio’s small business community and for lenders.”

“Knowing a financial institution’s business model and service footprint enables us to make connections more readily and can save small businesses valuable time and effort, while potentially bringing additional business to Ohio lenders,” said Ohio Treasurer Kevin Boyce. “Going through the Clearinghouse, a small business can determine quickly whether any of a number of participating lenders may be interested in talking with them about a loan.”

The process begins with a small business visiting OhioBLC.com and following three simple steps to answer questions about its loan request and its business.

Lenders participating in the program receive the business loan profile and evaluate it within 48 hours. Interested lenders will then contact the small business to further discuss the loan request.

However, the program doesn’t end there. If a small business is ineligible for loans from the participating lenders, it is referred to one of the state’s Small Business Assistance Centers. Those centers are equipped to counsel small businesses on development issues, such as business plans, and can direct small businesses to additional resources to help them succeed.

For more information on the program, visit www.OhioBLC.com or contact the Ohio Department of Development at (614) 728-6672.

About the Ohio Department of Development
Working with partners across business, state and local governments, academia, and the nonprofit sector, the Ohio Department of Development works to attract, create, grow, and retain businesses through competitive incentives and targeted investments. Engaged every day in marketing, innovating, investing and collaborating, the Ohio Department of Development works at the speed of business to accelerate and support the teamwork that is necessary for success by providing financial, informational and technical assistance to those making an investment in Ohio’s future.

The mission of the Ohio Treasury is to protect and invest state funds, while providing innovative financial education and resources, empowering Ohioans to make smart money choices.

>> Press Release 10/7/10


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