Minority Financial Incentives

Program Summary 

• Eligible businesses must be certified by the Ohio Department of Administrative Services Equal Opportunity Coordinator as a Minority Business Enterprise (MBE).  To be eligible for this program, the business must have been denied a bond by two surety companies within the current fiscal year; the project must be economically sound; and the minority business must not have defaulted on a previous bond issued by the Ohio Department of Development.
• The maximum bonding line pre-qualification is $1 million per business.  The premium for each bond requested is 2 percent of the face value of the bond.  The business must demonstrate the benefit to Ohio residents by increasing employment opportunities.
• The collateral and/or security are the personal guarantees (indemnity agreements) of the principals and persons substantially involved in business operations, and other such collateral as warranted.
• The review and approval process begins when the company submits a bonding application; the application and supporting documentation are reviewed by the Office of Minority Financing Advisory Board (which meets every fourth Tuesday).  If approved, the application is submitted to State Controlling Board for approval, and a prequalification letter will be issued and the company will submit request(s) for actual bond issuance.

• Program Summary 
• Eligibility Requirements 
• Other Requirements 
• Fees 
• Selection Criteria 
• Application Procedure 
• Application Package (pdf 325k)