Financial, Lending & Banking Resources
Securing financing for your small business is critical to achieving success. Thankfully, there are a wide range of opportunities for small business loans, micro-lending, start up capital, community grants, and other types of banking and lending programs. Below are a list of those local community services and offering.
Featured Financial Resource:
ECDI Columbus – The Economic and Community Development Institute offers Microenterprise Loans ranging from $500 to $100,000 to start or expand a small business. ECDI’s lending program is intended to provide financing to borrowers who do not qualify for traditional financing, including low- to moderate-income households and borrowers with insufficient credit history. ECDI also provides access to capital to historically bankable individuals and business who are unable to secure financing in the current economic climate.
For more information visit ECDI.org.
Community Capital Development Corporation – CCDC has become Ohio’s preferred—and largest—certified development company. Since 1981, we have helped small businesses secure affordable financing for growth and expansion. Certified by the Small Business Administration, CCDC links borrowers with the best lending resources. This helps give small businesses the advantage in today’s highly competitive marketplace. Our process helps foster strong relationships between business owners and lenders. Together with our network of lending partners, we’ve helped improve companies and the communities they serve for more than 27 years.
For more information visit CCDCorp.org.
Columbus Compact Corporation - The Compact is a U.S. Department of Treasury-certified Community Development Financial Institution (“CDFI”). We lend money to new and existing businesses that bring jobs, goods and services, or add to the commercial tax base. We offer financing for a variety of small businesses, ranging from start-up retail businesses, to existing businesses that need additional credit to grow. We also offer commercial real estate loans as gap financing.
For more information visit www.Colscompact.com.
EDF Plan – The Entrepreneur’s Dream Financial Plan (EDFPlan for short) is a strategy that was put together by the creative financial minds at Fisher Wealth Management, LLC. The Founder and President of Fisher Wealth Management, Brad Fisher, refers to himself as a financial advisor with an entrepreneurial edge.
For more information visit EDFPlan.com.
GrowNOW – Through GrowNOW, the Treasury has over $350 million invested in low-cost financing for small businesses that creates and retains jobs in our state. When a business takes out a loan with an eligible bank, GrowNOW can provide a 3% interest rate reduction on their loan. To fund the program, the Treasury places a deposit with the business’ bank at a 3% interest rate reduction on their loan.
For more information visit tos.Ohio.gov/ForBusiness.
Increase CDC – INCREASE Community Development Corporation is a faith-based, non-profit organization that provides business training and capital for entrepreneurs and start-up businesses in central Ohio. INCREASE Community Development Corporation is a faith-based, non-profit organization that provides business training and capital for entrepreneurs and start-up businesses in central Ohio.
For more information visit IncreaseCDC.org.
Invergarry Partners LLC – The success of every business venture should begin with the end in mind. A clear definition of success for your business allows you to plan for the resources you’ll need along each step in the development of your enterprise. Invergarry Partners can guide you towards your Definition of Success and help you create a plan for financing it.
For more information visit InvergarryPartners.com.
Kemba – At KEMBA, we are committed to providing our members with quality financial products and exceptional service. Whether saving for the future, financing a home, purchasing a mutual fund, or obtaining a new auto – our members count on KEMBA to meet all of their financial needs. Our commitment to sound business practices and the maintenance of the safety and security of KEMBA Financial Credit Union will encourage members to make this credit union their primary financial institution.
For more information visit Kemba.org.
Members First Credit Union - Members First specializes in personal and business financial products and services including Checking Accounts, Home Mortgage Loans, Auto Loans, Money Market Accounts, IRA Accounts, Visa Credit Cards, Business Accounts, Business Loans, Online Convenience Services, and more.
For more information visit TryMembersFirst.com.
Ohio Statewide Development Corporation – The Ohio Statewide Development Corporation (OSDC) is a private, not-for-profit corporation founded in 1982 to provide financing to Ohio small businesses by acting as an agent or conduit for public financing programs. OSDC is a certified development company licensed by the U.S. Small Business Administration (SBA) to provide low-cost, long-term SBA loans to eligible small businesses in Ohio.
For more information visit OSDC.net.
Small Business Administration – The U.S. Small Business Administration is an independent agency of the federal government that provides assistance to existing and prospective small business owners. Through its extensive network of field and partnerships with other public and private organizations, SBA is able to deliver its services to the most remote areas of the U.S.
For more information visit SBA.gov/LocalResources/District/Oh/Columbus.
State of Ohio Business Incentives Loans and Bonds – Encourages state chartered financial institutions to make loans to for-profit or nonprofit small businesses that are creating or retaining jobs by establishing a unique reserve account at lending institutions. The state, the lender, and the business each make a small contribution to the account. The reserve account is available to the lender for recovery of losses associated with any loan the lender has enrolled in the program.
For more information visit Development.Ohio.Gov/Business/Loans_Grants.htm.
Telhio – Telhio Credit Union is a not-for-profit financial cooperative that is a full-service financial institution. That means that our members are our owners and they can expect to receive high-quality financial services to meet all of their needs. Each day we apply our code of ethics to members, the credit union movement and society. This code states that Telhio was formed for the purpose of encouraging savings by offering a good return, using collective monies to make loans at competitively low interest rates to members and providing other member services on a cooperative basis.
For more information visit Telhio.org.
The Ohio Huntington Business Loan Program – Governor Ted Strickland and Huntington President Steve Steinour kicked off this program in May 2009 and it will continue to 2012. With this program, Huntington committed to fund $1 billion in loans to small and mid-sized businesses that were facing trouble with the credit tightening that began in 2008.
For more information visit Huntington.com/GrowOhioBusiness.
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