Minority Financial Incentives

• 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 project for which bonding is sought must be economically feasible; 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 Minority Development Financing Advisory Board (which meets every fourth Tuesday).  If approved, the application is submitted to State Controlling Board for approval, and a pre-qualification letter will be issued to the company to allow it to submit request(s) for actual bond issuance.
• Program Summary
• Eligibility Requirements 
• Other Requirements 
• Fees 
• Selection Criteria 
• Application Procedure 
• Application Package (pdf)
  

Contact Us
Office of Minority Business Financial Incentives
Minority Business Enterprise Division
Ohio Department of Development
77 South High Street, 24th Floor
Columbus, Ohio 43215-6108
(614) 644-7708