We know that in this unprecedented time, your business is likely facing various unforeseen challenges, and at Mulligan Funding we are here to support you. Below you will find a number of programs currently available for businesses in the state of Ohio. These loans can be used to pay off other loans, to use as a buffer, and to serve as a source of liquidity to pay your employees.
We’ll work diligently to keep this updated as new information comes out.
NATIONWIDE PROGRAMS:
Facebook will offer up to $100 million in cash grants as well ad grants for small businesses in the US as well as other countries in the coming weeks. You can sign up here to be on the list to receive updates on when the grants will be available.
SBA Disaster Relief Fund
The Small Business Administration currently has a disaster relief fund, though additional new programs related to COVID-19 are expected to be rolled out within the coming weeks. Businesses affected by the virus are eligible for the existing disaster relief program, as long as their state has declared an emergency. SBA offers up to 30 years at 2.75%, loan amounts up to $2mm. You can apply for a loan here.
JP Morgan Chase Global Philanthropic Commitment
JPMorgan Chase will make available $5 million in funds for US small businesses.
- Helping Black, Hispanic and Asian Pacific Islander owned businesses that may struggle to access capital and keep their doors open. This includes entrepreneurs that have participated in the firm’s Entrepreneurs of Color Fund and Ascend in places such as Seattle, California and New York. Support will include working with local Community Development Financial Institutions that will provide low or zero-interest loans and interest rate buydowns to help offset the costs of business slow-downs and unexpected challenges, as well as technical assistance support for issues like remote working capabilities;
- Supporting vulnerable, underserved and underrepresented entrepreneurs and small businesses across Europe and China to navigate and access available and emerging financial and non-financial support.
STATEWIDE OHIO PROGRAMS:
Support for small businesses & non-profit organizations in Ohio
The Ohio Development Services Agency is preparing to submit an application in the coming week to qualify Ohio for the U.S. Small Business Administration’s (SBA) Economic Injury Disaster Loan Program. This program provides low-interest loans up to $2 million in order to help businesses overcome the temporary loss of revenue during the state of emergency.
Non-profit organizations in Ohio will also be eligible for low-interest loans through the SBA’s Economic Injury Disaster Loan program.
In order to complete the state’s application, businesses impacted by the current public health crisis should immediately send their contact information to BusinessHelp@Development.Ohio.gov. Additional information on the SBA Economic Injury Disaster Loan Program is available at SBA.gov/Disaster.
If you need any assistance whatsoever in the application process, please do not hesitate to reach out to us. We are happy to assist in any way we can.
*This page was updated on March 19, 2020, and may not reflect recent changes to the Ohio Programs listed above. For up to date information, please follow the links provided and/or independently research and verify.
The information shared is intended to be used for informational purposes only and you should independently research and verify.
Note: Prior to January 23, 2020, Mulligan Funding operated solely as a direct lender, originating all of its own loans and Merchant Cash Advance contracts. From that date onwards, the majority of funding offered by Mulligan Funding will be by Loans originated by FinWise Bank, a Utah-chartered Bank, pursuant to a Loan Program conducted jointly by Mulligan Funding and FinWise Bank.