ABCEOI receives grant money for microbusiness programs
Lieutenant Governor Lee Fisher announced last week that 18 grants totaling more than $3.3 million will be awarded to eligible nonprofit organizations through Ohio Housing Trust Fund programs administered by the Ohio Department of Development. The grants were approved by the State Controlling Board.
"These grants will provide thousands of low- and moderate-income Ohioans and their families with safe, affordable, and quality housing as well as training and technical assistance," said Lt. Governor Fisher, who also serves as Director of the Ohio Department of Development. "The Ohio Housing Trust Fund continues to have a positive impact on the citizens of Ohio and our economy."
The Community Development Finance Fund will be awarded $1,900,000 to provide community-based, nonprofit development organizations with access to low-interest, long-term financing for housing, economic development, and commercial projects that revitalize low- and moderate-income communities.
The Community Development Finance Fund, a statewide nonprofit organization, will use the grant funds to assist approximately 300 people and create approximately 40 jobs.
The Microenterprise Business Development Program grants totaling $590,000 will be awarded to 11 nonprofit organizations including: Lima/Allen Council on Community Affairs; ACEnet; Adams Brown Counties Economic Opportunities, Inc.; WECO (Wealth, Education, Collaboration, Opportunity) Fund, Inc.; INCREASE Community Development Corporation; The Economic and Community Development Institute; HHWP (Hancock, Hardin, Wyandot, and Putnam counties) Community Action Commission; Greater Cincinnati Microenterprise Initiative; Community Action Partnership of Greater Dayton Area; Southern Perry Incubation Center for Entrepreneurs; and Community Action Committee of Pike County.
Lisa Tumbleson-Davis, ABCEOI Microenterprise program coordinator, said that the Adams Brown Counties Economic Opportunities Incorporated received approximately $60,000 from the grant. Of that inital amount, $25,000 has been earmarked for small business loans for Adams and Brown County residents who are interested in starting a new business. All loans through ABCEOI have a standard 6 percent interest rate.
The rest of the money will go toward training programs and workshops for helping individuals to develop business plans, get business loans, learn book keeping sckills, and more.
Tumbleson-Davis said that ABCEOI originally applied for the grant in 2001, and that the organization has received money for every year after that.
The Ohio Department of Development grants are competitive and are available to any organization that offers microbusiness programs that have less than five employees.
"This is a good way for them to get some working capital and knowledge on how to run a business," Tumbleson-Davis said.
The Microenterprise Business Development Program award recipients will provide training and technical assistance and small business development loans to low- and moderate-income Ohioans who are interested in establishing, improving, or expanding businesses.
The grants are expected to assist an estimated 704 individuals and 51 small businesses.
Five Discretionary Grant Program awards totaling $674,900 will be awarded to statewide nonprofit organizations including the Coalition on Homelessness and Housing in Ohio; the Ohio Community Development Corporations Association; and Habitat for Humanity of Ohio.
A $160,000 Training and Technical Assistance Grant Program grant will be awarded to the Ohio Community Development Corporations Association.
The funds will be used to provide local governments and nonprofit organizations with training and technical assistance regarding community economic development, individual development accounts, affordable housing development, and microenterprise business development.
The Ohio Department of Development, through its Office of Housing and Community Partnerships, provides financial and technical assistance to units of local government and nonprofit organizations in Ohio for project activities that benefit low- and moderate-income citizens.
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