Best Small Business Loans in Ohio

If you’re in the market for a commercial loan to purchase real estate or equipment, consider the Ohio 166 loan, which is offered through the Ohio Statewide Development Corporation (National Funding).

This loan boasts affordable, below-market interest rates, high borrowing limits and longer-than-normal repayment terms. Plus, its 10% down payment requirement is lower than some other commercial loan options.

But you’ll also need to satisfy some extra requirements in exchange for the flexible loan terms. For example, the property you purchase needs to be owner occupied, and the funds you borrow will need to help facilitate job creation or retention. In addition, unfortunately, retail businesses are not eligible to apply for this financing.

Learn more about the Ohio 166 loan.

National Funding doesn’t disclose the minimum credit score, time in business or annual revenue you’ll need to qualify. Contact the lender directly to learn if your business qualifies for a loan.

If you only need to borrow a small amount of money, the Ohio Micro-Loan Program provides microloans worth up to $45,000 to businesses owned by women and/or minority entrepreneurs.

These loans are interest-free and can be used for a variety of expenses, such as for purchasing equipment or refinancing debt. Plus, the Ohio Department of Development doesn’t consider your personal credit as part of their application process. But if you default on the loan, a 10% interest rate will be applied.

However, you should be aware that your business must be certified as a Minority Business Enterprise (MBE) or Women Business Enterprise (WBE) by the Ohio Department of Development Minority Business Development Division in order to be eligible for funding. This requires your business to be owned and controlled by a U.S. citizen who is either a woman or falls into one of the following groups: Blacks or African Americans, American Indians, Hispanics or Latinos and Asians.

Learn more about the Ohio Micro-Loan Program.

In order to qualify, you’ll need to meet the following criteria:

Established women-owned businesses with at least a two-year operating history may want to consider applying for funding from the Women’s Business Enterprise (WBE) Program. The program allows you to borrow up to $500,000 in funds that can be used to purchase equipment, buy commercial real estate, complete property renovations or refinance business debt.

While the WBE Loan Program offers competitive interest rates, these loans do come with some steep upfront costs. There’s a $300 application fee, plus a commitment fee worth 1.50% of the total amount of your loan. You’ll also need to be prepared to make a 10% down payment.

Learn more about the Women’s Business Enterprise (WBE) Loan Program.

In order to qualify, you’ll need to meet the following criteria:

The Columbus-Franklin County Finance Authority’s (CFFA) small business loan program is a local funding option for business owners searching for equipment financing. Any business with fewer than 100 employees can apply for an equipment loan with a repayment term that can be as long as the useful life of the equipment. However, to qualify, your business must be located in the Columbus region and serve low-to-moderate income neighborhoods.

While interest rates go as low as 4.50%, watch out for additional fees, such as a non-refundable $250 application fee, a commitment fee of $500 and an origination fee of $750, among others.

Learn more about the CFFA’s Small Business Loan Program.

CFFA doesn’t disclose the minimum credit score, time in business or annual revenue you’ll need to qualify. Contact the lender directly to learn if your business qualifies for a loan.

The Grow America Fund of Cuyahoga County provides working capital loans and other types of funding to established businesses in Cuyahoga County, including the City of Cleveland.

Partnered with the U.S. Small Business Administration (SBA), the Fund advertises that it’s able to offer longer loan terms and affordable rates to assist these businesses in reaching their full potential.

That said, you may face some stricter-than-usual eligibility requirements if you apply for one of these loans. Eligible businesses need to have at least a three-year operating history. Additionally, collateral is required to secure the loan, as well as a personal guarantee.

Learn more about the Grow Cuyahoga County Fund.

In order to qualify, you should aim to meet the Fund’s criteria of:

Local Initiatives Support Corporation LISC Greater Cincinnati partners with the online crowdfunding platform Kiva to offer interest-free business loans up to $10,000 to businesses within the Greater Cincinnati area.

Kiva loans differ from traditional business financing by focusing on a borrower’s network and viable business ideas instead of scrutinizing credit scores, revenue and collateral. Lenders from across the globe can contribute funds to specific projects, with business owners repaying the debt without any additional fees. Preference is given to minority- and women-owned businesses.

Learn more about the LISC of Greater Cincinnati.

In order to qualify, you’ll need to meet the LISC’s criteria of:

Huntington National Bank is the leading SBA lender in the nation. Available loan options include the SBA 7(a) Loans, SBA Express loans and SBA 504 loans. With Huntington’s SBA loan program, you can enjoy longer terms, no balloon payments and down payments as low as 10%. Plus, as an SBA-preferred lender, Huntington can help you access your funds faster than other financial institutions.

Although Huntington doesn’t publish its SBA loan rates, terms, fees or eligibility criteria in advance, some of these factors are subject to SBA maximums. In addition to SBA loans, Huntington also offers a business line of credit, business term loans and real estate loans.

Learn more about Huntington National Bank.

In order to qualify, you should aim to meet the SBA’s recommended criteria of:

When you need flexible access to funds, such as a seasonal cash flow infusion or short-term working capital financing, consider a business line of credit. KeyBank is our top pick for lines of credit because it offers both secured and unsecured options, along with monthly and interest-only payment plans. Plus, the bank has a strong presence throughout Ohio, making it easy for you to access the funds you need.

At the same time, though, KeyBank lacks transparency, both about its rates and fees, as well as its eligibility criteria — you’ll likely have to talk to one of the bank’s business advisors to find out if you’ll qualify.

Read our full KeyBank review.

KeyBank doesn’t disclose the minimum credit score, time in business or annual revenue you’ll need to qualify. Contact the lender directly to learn if your business qualifies for a loan.

If you need same-day funding, think about choosing U.S. Bank for your financing. The nationwide lender offers a streamlined online application process for those who need to receive a cash infusion within 24 hours. You can borrow up to $250,000 with this loan program and choose a repayment term as long as 60 months.

With that said, U.S. Bank only offers unsecured loans up to $50,000 with terms up to 48 months. For larger amounts and longer terms, you’ll need to provide collateral. It also requires a personal guarantee, and if you repay the funds in less than a year, you’ll likely face a prepayment penalty.

Read our full U.S. Bank review.

U.S. Bank doesn’t disclose the minimum credit score, time in business or annual revenue you’ll need to qualify. Contact the lender directly to learn if your business qualifies for a loan.