Ohio Allocates $155M for Newly Created Business Grant Programs
COLUMBUS, Ohio – Gov. Mike DeWine today announced the launch of four grant programs to help small and medium-sized businesses recover from the impact of the coronavirus pandemic.
The programs will provide $155 million in grant funding to businesses that opened in 2020, food and beverage establishments, entertainment venues, and lodging venues. The funds were made available by the Ohio General Assembly as part of Senate Bill 108 and Senate Bill 109, both of which Governor DeWine signed into law in May.
“These four new grant programs will help industries that experienced losses over the last year because of the pandemic,” said DeWine. “Ohio’s economy is moving forward, and with new grant programs like the ones we are announcing today, we are optimistic that our economy will only continue to grow stronger from here.”
All four programs will be administered by the Ohio Development Services Agency. Program guidelines, terms and conditions, and required documentation for all four programs are available at BusinessHelp.Ohio.Gov. The applications will open on June 29.
The amount of individual grants to eligible businesses will be determined by the business’s loss of revenue in 2020. To ensure the grants are spread throughout the state, funds will be set aside for businesses in each of Ohio’s 88 counties.
The grant programs are:
- The Food and Beverage Establishment Grant will provide grants of $10,000, $20,000, or $30,000 to restaurants, bars, coffee shops, and other food and drink businesses. The total funding available for this program is $100 million.
- The Entertainment Venue Grant will provide grants of $10,000, $20,000, or $30,000 to theaters, music venues, spectator sports venues, museums, and other entertainment venues. The total funding is $20 million.
- The Lodging Grant will provide grants of $10,000, $20,000, or $30,000 to hotels, motels, and bed and breakfast operations. The total funding is $25 million.
- The New Small Business Grant will provide grants of $10,000 to small businesses that were established between Jan. 1, 2020, and Dec. 31, 2020. The total funding is $10 million.
Copyright 2022 The Business Journal, Youngstown, Ohio.