COLUMBUS — While Intel and Honda are planting roots in the state, Ohio is working to help large and small businesses thrive. According to a recent poll by Lendio, a small business loan marketplace, Ohio is ranked 18th in the nation when it comes to minority-owned businesses.

Over the past several years, the state has created various opportunities for minority entrepreneurs, with 8.8% of all Ohio businesses owned by minorities.

In the past 18 months, the state has given out more than $14 million in loans to over 100 different minority businesses.

“Those loans are anywhere from 0% to 1.5%,” said Ohio Department of Development Director Lydia Mihalik. “We're very, very proud of that because that is actually what helps move the needle and helps, you know, the success and the growth of our minority- and women-owned business communities here in Ohio.”

Financial resources aren’t all the state has to offer. Minority business-assistance centers are available in major regions across the state, offering everything from business management counseling to accounting assistance.

“These businesses understand what it is to have a business plan, what it's like to look through financials and a balance sheet, you know, what a PNL statement is, those things are so vitally important,” Mihalik said. 

While Ohio's prime interstate location and growing number of Fortune 500 companies make it appealing to start a business, the state is still working to attract people of all backgrounds.

The Department of Development continues to work with legislators and private partners to get the minority population to grow on all levels.

“Those things together in a comprehensive manner are what is really showcasing us and helping us rise to the top and remain there,” Mihalik said. 

To find out more about starting a business or to learn about resources offered through the state, visit the Ohio Department of Development.