The interest rate is 3.75 percent for small businesses without credit available elsewhere. The interest rate for non-profits is 2.75 percent.
Businesses with credit available elsewhere are not eligible, the state said.
“We understand the steps being taken to keep all Ohioans safe will have a significant impact on businesses across the state, which is why we are leaving no stone unturned to identify every possible way we can support them during this time,” DeWine said in a statement. “Ohioans are resilient. We will get us through this.”
This week, the Ohio Department of Health ordered Ohio bars and restaurants closed to in-house patrons. Restaurants with take-out and delivery services are still allowed to offer those services.
The disaster loans are long-term, with up to 30 years for repayment, Ohio government said. Terms are determined case-by-case, based upon each borrower’s ability to repay.
“In the last three days, more than 1,500 businesses have shared their stories with us about the challenges they are facing, which informed our application for these disaster loans,” Lydia Mihalik, Ohio director of development, said in the state’s release. “The need is urgent, and we are moving quickly to support Ohio’s small businesses and non-profits.”
Businesses impacted by the health crisis are encouraged to contact the state at BusinessHelp@Development.Ohio.Gov for assistance.