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Ohio Offers Appalachian Businesses Loan Help During COVID-19 Disruption
By: Allison Hunter
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NELSONVILLE, Ohio (WOUB) — Small businesses in Ohio’s Appalachian counties may receive help offsetting losses due to the state’s attempts to slow the spread of COVID-19.
JobsOhio is infusing Appalachian Growth Capital, LLC (AGC) with $2 million to secure loans for companies in eastern and southern Ohio.
According to a press release, AGC is a subsidiary of Appalachian Partnership Inc (API) and has been investing in businesses throughout Ohio’s 32 county Appalachian region since 2017. JobsOhio spokesperson, Matt Englehart says companies do not have to had a prior relationship with AGC to be considered, “With a few small exceptions that are outlined in the application materials, most small businesses in the region may apply.”
John Molinaro, president and CEO of API says AGC uses the Small Business Association’s definition of a small business, adding, “Given the size of the loans available – generally $25,000 to $100,000 – we expect that most of these loans will be made to companies with fewer than 50 workers.”
On March 22, Governor Mike DeWine ordered non-essential businesses to close or modify their normal operations to complement the “stay-at-home” health mandate that would keep people from congregating and possibly spreading COVID-19.
Applications for the long-term, low interest loans can be found at www.appcap.org.