10 Small Business Loans in Ohio

2. The Huntington National Bank

Huntington National Bank isn't only a leading lender for small businesses in this state; they also hold the record for the highest number of SBA 7a loans issued nationwide.

This achievement places them among the top 10 lenders in the majority of states - they have a genuine enthusiasm for working with small businesses!

Alongside their SBA loans, Huntington National Bank provides an extensive array of other financial solutions for small enterprises, such as equipment leasing, agricultural loans, and a diverse selection of real estate loan types.

Business financing options offered:

• SBA 7a Loans

• Equipment Leasing

• Church Lending

• Greek House Financing

• Agricultural Loans

• Warehouse Lending

• Real Estate Loans, Term Loans, and Lines of Credit

3. KeyBank National Association

KeyBank, a mid-sized bank, operates across 15 states and has a respectable selection of loans for small businesses. 

On their website, there's a special segment highlighting their commitment to diversity and inclusion, along with the accolades they've received for their efforts in this field. If that selection criteria matters to you, they want you to know about it.

Business financing options offered:

• Business Term Loans

• Business Real Estate Borrowing

• Small Business Lines of Credit

• SBA Loans

• Key Equipment Financing

• 3 Business Credit Cards

4. US Bank

US Bank, a large national banking institution, offers a diverse range of business loans. With numerous brick-and-mortar locations, you've likely noticed their presence in your community. They’re a top SBA lender in many states, including here in Ohio. 

Business financing options offered:

• US Bank Quick Loan

• Business Term Loan

• Commercial Real Estate Loan

• Equipment Financing

• SBA Loans

• Dental, Medical, and Vet Practice Loans

• Business Line of Credit

• Manage Cash Flow

• Business Equity Line of Credit

• Business Reserve Line

• 4 Business Credit Cards

5. Telhio Credit Union

Telhio is the only credit union on this list. They’re based in Columbus and their website boasts, “#1 SBA Lender Among Ohio Credit Unions."

They have a decent lineup of small business financing options, including five business credit cards. 

Business financing options offered:

• SBA 7a and 504 Loans

• Working Capital Loans

• Equipment Loans

• Business Lines of Credit

• Commercial Mortgages

• 5 Business Credit Cards

Small Business Grants in Ohio

While they may not be the first resources to come up when seeking business funding, small business grants in Ohio should be a focal point in your funding strategy. 

Every penny counts, and small business grants don’t need to be paid back after they’re awarded. They also aren’t dependent on your credit score or other factors demanded by a conventional loan from a traditional financial institution. 

That being said, sourcing grant opportunities can often be the most challenging part of your journey. 

Here are a few small business grants worth pursuing:

• JobsOhio Small Business Grant: The JobsOhio Small Business Grant, also referred to as the Inclusion Grant, is designed to support small to medium-sized businesses in distressed areas. Eligible small businesses can receive up to $50,000 through this program. 

• Tech Delta Program: The Tech Delta Program offers up to $50,000 (based on square footage) for tech and medical companies that are either expanding to or relocating to Cleveland, Ohio. 

• Montgomery County ED/GE Grant: The Montgomery County ED/GE Grant helps businesses in the Montgomery County area get the funding they need to create and retain local jobs. How much you will receive isn’t advertised, but awards are disbursed twice a year. If you meet the requirements for eligible businesses and entrepreneurs, this is a reliable resource to consider.

The Ohio Chamber of Commerce links out to a few grant programs as well. They’re not specifically for Ohioans, but they may give you some additional support. 

Looking for more bespoke opportunities? You can also check the Ohio Department of Development website. Just keep in mind that the deadlines for the grants (and things like the Ohio Capital Access Program) listed by the Ohio Development Services Agency are a bit tighter. 

You could also consult the Ohio Small Business Development Center.

Government and Nonprofit Financing Programs in Ohio

The Small Business Administration isn’t your only solution for small business financing. Besides an SBA loan, nonprofits and the Ohio government can help you fund your business. 

These Ohio small business loans often come with better loan terms, helping you secure better interest rates and loan types that your business needs. 

Opportunities in Ohio include:

• Ohio Micro-Loan Program: The Ohio Micro-Loan Program, offered by the Ohio Department of Development, offers micro-loans at 0% interest. They offer anywhere from $10,000 to $45,000 in funding. If you need a working capital loan, you’ll need to pay it back in five years. If you need equipment financing, you can pay the loan amount you’re given back in seven. It’s a great Ohio business loan program that any Ohio small business owner should take advantage of.

• GrowNOW Program: The GrowNOW Program is a unique program that can help you take up to 3% off of your interest rate for new or existing business loans of up to $400,000 for two years or more (a loan term from them can be renewed). This is a loan option to consider that also helps you alleviate high interest rates.

• Mentor Economic Assistance Corporation (MEACO): MEACO offers low-interest loans to Ohio business owners in the Northeast Ohio region. Whether your business needs support with building construction or equipment financing, you may be able to turn to them for help.