| Lender | Best for… | Max. loan amount | Term length | Min. interest rate | Time in business |
|---|---|---|---|---|---|
 | Commercial loans | $1,000,000 | Up to 240 months | Varies Required to be at or below market rates | Not disclosed |
 | Microloans | $45,000 | 60 to 84 months | 0.00% | 24 months |
| Women entrepreneurs | $500,000 | 120 to 180 months | 1.50% 3% if you are not state-certified as a women-owned business enterprise | 24 months |
 | Equipment financing | $750,000 | Up to 240 months | 4.50% | Not disclosed |
 | Working capital | $2,000,000 | Up to 120 months | Not disclosed | 36 months |
 | Interest-free loans | $10,000 | 36 months | 0.00% | None |
 | SBA loans | $5,000,000 | Up to 300 months | 10.50% variable, 12.50% fixed Some borrowers may qualify for lower rates. Based on the current prime rate of 7.50% + a rate maximum set by the SBA. | 24 months (recommended) |
 | Lines of credit | $500,000 | 12 months (Renewable) | Not disclosed | Not disclosed |
 | Same-day-funding | $250,000 | Up to 84 months | Not disclosed | Not disclosed |
Learn more about how we chose our picks.
If you’re looking for a small business loan in Ohio, here are some options to consider:
$1,000,000
Varies Required to be at or below market rates
Up to 240 months
If you’re in the market for a commercial loan to purchase real estate or equipment, consider the Ohio 166 loan, which is offered through the Ohio Statewide Development Corporation (OSDC).
This loan boasts affordable, below-market interest rates, high borrowing limits and longer-than-normal repayment terms. Plus, its 10% down payment requirement is lower than some other commercial loan options.
But you’ll also need to satisfy some extra requirements in exchange for the flexible loan terms. For example, the property you purchase needs to be owner occupied, and the funds you borrow will need to help facilitate job creation or retention. In addition, unfortunately, retail businesses are not eligible to apply for this financing.
Learn more about the Ohio 166 loan.
OSDC doesn’t disclose the minimum credit score, time in business or annual revenue you’ll need to qualify. Contact the lender directly to learn if your business qualifies for a loan.
$10,000 to $45,000
0.00%
60 to 84 months
If you only need to borrow a small amount of money, the Ohio Micro-Loan Program provides microloans worth up to $45,000 to businesses owned by women and/or minority entrepreneurs.
These loans are interest-free and can be used for a variety of expenses, such as for purchasing equipment or refinancing debt. Plus, the Ohio Department of Development doesn’t consider your personal credit as part of their application process. But if you default on the loan, a 10% interest rate will be applied.
However, you should be aware that your business must be certified as a Minority Business Enterprise (MBE) or Women Business Enterprise (WBE) by the Ohio Department of Development Minority Business Development Division in order to be eligible for funding. This requires your business to be owned and controlled by a U.S. citizen who is either a woman or falls into one of the following groups: Blacks or African Americans, American Indians, Hispanics or Latinos and Asians.
Learn more about the Ohio Micro-Loan Program.
In order to qualify, you’ll need to meet the following criteria:
$45,000 to $500,000
1.50% if certified as a Women-Owned Business Enterprise in Ohio, otherwise up to 3%
120 to 180 months
Established women-owned businesses with at least a two-year operating history may want to consider applying for funding from the Women’s Business Enterprise (WBE) Program. The program allows you to borrow up to $500,000 in funds that can be used to purchase equipment, buy commercial real estate, complete property renovations or refinance business debt.
While the WBE Loan Program offers competitive interest rates, these loans do come with some steep upfront costs. There’s a $300 application fee, plus a commitment fee worth 1.50% of the total amount of your loan. You’ll also need to be prepared to make a 10% down payment.
Learn more about the Women’s Business Enterprise (WBE) Loan Program.
In order to qualify, you’ll need to meet the following criteria:
Depending on your company’s industry and location, you might qualify for one of the following local Ohio business loans.
$75,000 to $750,000
4.50%
Up to 240 months
The Columbus-Franklin County Finance Authority (CFFA)’s small business loan program is a local funding option for business owners searching for equipment financing. Any business with fewer than 100 employees can apply for an equipment loan with a repayment term that can be as long as the useful life of the equipment. However, to qualify, your business must be located in the Columbus region and serve low-to-moderate income neighborhoods.
While interest rates go as low as 0.00%, watch out for additional fees, such as a non-refundable $250 application fee, a commitment fee of $500 and an origination fee of $750, among others.
Learn more about the CFFA’s Small Business Loan Program.
CFFA doesn’t disclose the minimum credit score, time in business or annual revenue you’ll need to qualify. Contact the lender directly to learn if your business qualifies for a loan.
$100,000 to $2,000,000
Not disclosed
Up to 120 months
The Grow America Fund of Cuyahoga County provides working capital loans and other types of funding to established businesses in Cuyahoga County, including the City of Cleveland.
Partnered with the U.S. Small Business Administration (SBA), the Fund advertises that it’s able to offer longer loan terms and affordable rates to assist these businesses in reaching their full potential.
That said, you may face some stricter-than-usual eligibility requirements if you apply for one of these loans. Eligible businesses need to have at least a three-year operating history. Additionally, collateral is required to secure the loan, as well as a personal guarantee.
Learn more about the Grow Cuyahoga County Fund.
In order to qualify, you should aim to meet the Fund’s criteria of:
Up to $10,000
0.00%
36 months
Local Initiatives Support Corporation (LISC) Greater Cincinnati partners with the online crowdfunding platform Kiva to offer interest-free business loans up to $10,000 to businesses within the Greater Cincinnati area.
Kiva loans differ from traditional business financing by focusing on a borrower’s network and viable business ideas instead of scrutinizing credit scores, revenue and collateral. Lenders from across the globe can contribute funds to specific projects, with business owners repaying the debt without any additional fees. Preference is given to minority- and women-owned businesses.
Learn more about the LISC of Greater Cincinnati.
In order to qualify, you’ll need to meet the LISC’s criteria of:
If you want a lender with a national presence, these lenders offer various small business financing solutions for Ohio-based companies.
Up to $5,000,000
12.50 to 15.50
15.5% for loans $25,000 or less
14.5% for loans $25,001 to $50,000
13.5% for loans $50,001 to $250,000
12.5% for loans above $250,000
Some borrowers may qualify for lower rates. Based on the current prime rate of 7.50% + a rate maximum set by the SBA.
10.50 to 14.00
14% for loans $50,000 or less
13.5% for loans $50,001 to $250,000
12% for loans $250,001 to $350,000
10.5% for loans above $350,000
Some borrowers may qualify for lower rates. Based on the current prime rate of 7.50% + a rate maximum set by the SBA.
Up to 300 months
Huntington National Bank is the leading SBA lender in the nation. Available loan options include the SBA 7(a) Loans, SBA Express loans and SBA 504 loans. With Huntington’s SBA loan program, you can enjoy longer terms, no balloon payments and down payments as low as 10%. Plus, as an SBA-preferred lender, Huntington can help you access your funds faster than other financial institutions.
Although Huntington doesn’t publish its SBA loan rates, terms, fees or eligibility criteria in advance, some of these factors are subject to SBA maximums. In addition to SBA loans, Huntington also offers a business line of credit, business term loans and real estate loans.
Learn more about Huntington National Bank.
In order to qualify, you should aim to meet the SBA’s recommended criteria of:
$10,000 to $500,000
Not disclosed
12 months (Renewable)
When you need flexible access to funds, such as a seasonal cash flow infusion or short-term working capital financing, consider a business line of credit. Key Bank is our top pick for lines of credit because it offers both secured and unsecured options, along with monthly and interest-only payment plans. Plus, the bank has a strong presence throughout Ohio, making it easy for you to access the funds you need.
At the same time, though, Key Bank lacks transparency, both about its rates and fees, as well as its eligibility criteria — you’ll likely have to talk to one of the bank’s business advisors to find out if you’ll qualify.
Read our full KeyBank review.
KeyBank doesn’t disclose the minimum credit score, time in business or annual revenue you’ll need to qualify. Contact the lender directly to learn if your business qualifies for a loan.
$5,000 to $250,000
Not disclosed
Up to 84 months
If you need same-day funding, think about choosing U.S. Bank for your financing. The nationwide lender offers a streamlined online application process for those who need to receive a cash infusion within 24 hours. You can borrow up to $250,000 with this loan program and choose a repayment term as long as 84 months.
With that said, U.S. Bank only offers unsecured loans up to $50,000 with terms up to 84 months. For larger amounts and longer terms, you’ll need to provide collateral. It also requires a personal guarantee, and if you repay the funds in less than a year, you’ll likely face a prepayment penalty.
Read our full U.S. Bank review.
U.S. Bank doesn’t disclose the minimum credit score, time in business or annual revenue you’ll need to qualify. Contact the lender directly to learn if your business qualifies for a loan.
Fortunately, small business loans in Ohio are available from state and local government agencies, which can help you to start or expand your business in the Buckeye State.
With a portion of the funds guaranteed by the U.S. Small Business Administration (SBA), SBA loans can help underserved small business owners access capital for various purposes. The SBA 7(a) loan can fund day-to-day expenses, while the SBA 504/CDC loan is better suited for more significant projects, like purchasing real estate or equipment.
If you need a lump sum of cash at once, consider a business term loan. Short-term business loans are ideal for more immediate needs or emergency expenses. For more substantial investments or projects, a long-term business loan can usually provide higher loan amounts and longer repayment windows.
A business line of credit lets you borrow up to your limit whenever you need extra funds for unexpected or recurring business expenses. Interest is only charged for the amount you withdraw, although some lenders charge additional fees like maintenance and annual fees.
Equipment financing can help your business get the equipment or machinery it needs to efficiently run your business. Equipment loans typically have more lenient eligibility requirements since the equipment acts as collateral, helping reduce lender risk. If your credit score is on the lower side, you can consider an equipment loan for bad credit.
A small business grant can also help provide financial assistance for your business. This type of funding comes from the federal or local government and, unlike a loan, the funds don’t have to be repaid. Some places to find small business grants in Ohio include:
SCORE is a nonprofit organization that provides coaching and mentorship to small businesses. Backed by the U.S. Small Business Administration, SCORE also offers opportunities to participate in educational workshops to support your business. You can use the SBA local assistance search tool to find an expert counselor in your community.
Small Business Development Centers (SBDCs), such as the Ohio Small Business Development Centers , offer counseling and training to small businesses on anything from business planning to market research, to both new and existing companies. To find an SBDC near you, search your zip code online for a location near you.
When applying for a small business loan in Ohio, pay attention to each lender’s specific business loan requirements. Lenders will typically review the following criteria and documents:
Minimum credit scores will vary by lender, but it’s generally recommended to have a strong personal FICO Score. Some lenders will also look at your business credit score. You can monitor your score for free with LendingTree Spring.
A business plan helps show your business’ ability to pay back the loan with details on how the company will grow and bring in revenue. A traditional business plan usually showcases the description of the company, the service or product it provides, market analysis and requests for funding.
Lenders look at your annual revenue to ensure you have enough cash flow to make loan payments. Annual minimums vary by lender, with the typical range being $30,000 to $250,000 or higher, although certain lenders may accept lower earnings for startup business loans.
In general, leaders require companies to operate for at least one or two years before approving a business loan. However, some lenders offer loans for startup businesses that have only been operating for six months or less.
Lenders may require collateral for certain small business loans in order to reduce lender risk, such as with secured business loans. Collateral can be a fixed asset like equipment or real estate, or a financial asset like cash or investments. If you default on your business loan, your lender can seize your collateral for payment.
Note that a personal guarantee is only connected to your personal assets.
If you are ready to take your business to the next level, here are the general steps on how to get a small business loan in Ohio.
Research the different types of small business loans to see which option best suits your business’s immediate and long-term goals. Some lenders only fund certain industries or have restrictions on how you spend the funds.
Take a quick look at your personal and business credit scores to see if they can meet your potential lenders’ criteria. Boosting your credit score in advance can improve the likelihood of approval. If your credit score falls short, consider looking into business loans for bad credit.
Searching through potential lenders can be time consuming and overwhelming. Start by reading small business lender reviews to help narrow options and avoid scams. Remember, you have multiple options when looking for a small business loan, such as local banks with branches in Ohio, online lenders and government lenders.
Most lenders will want to see your business licenses, business plan, business tax ID number, personal and business tax returns, a certificate of good standing and business financial statements. Check your lender’s website in advance to ensure you’re prepared.
You can typically apply for a small business loan online, although certain banks still require an in-person appointment. Read all the fine print to ensure you understand all the details, including prepayment penalties and late charges.
When trying to get a business loan, here are some features that you may want to look for:
We reviewed the leading local and nationwide lenders to determine the best business loans in Ohio. To make our list, lenders must meet the following criteria:
