Governor Mike DeWine sent a letter and application to the U.S. Small Business Administration (SBA) to qualify the State of Ohio for the Economic Injury Disaster Loan program.

The federal program would help small businesses and non-profits throughout the state impacted by the outbreak of COVID-19 apply for low-interest loans for up to $2 million in assistance. DeWine belives that could provide vital economic support to help overcome the temporary loss of revenue they are experiencing.

"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," said Governor DeWine. "Ohioans are resilient. We will get us through this."

The Economic Injury Disaster Loans may be used by Ohio small business owners and non-profits to pay fixed debts, payroll, accounts payable and other bills that can't be paid because of the disaster's impact. According to a press statement released by the Governor's office, the interest rate would be 3.75% for small businesses without credit available elsewhere while the interest rate for non-profits would be 2.75%.

Once the state is qualified for the program, Ohio Development Services Agency (a.k.a. Development) would work with the SBA to notify entities that the they can now apply for loans.  The loans woud be long-term, with up to a maximum of 30 years for repayment. Terms would be determined on a case-by-case basis, based upon each borrower's ability to repay.

"We know Ohio businesses are struggling and we are going to do everything we can to help them," said Lt. Governor Jon Husted. "We have taken quick steps to ensure the health and safety of Ohioans, and we are going to give that same attention to ensuring our businesses are successful and jobs remain available. I encourage the SBA to quickly approve our application."

Development coordinated with the Ohio Emergency Management Agency and reached out to local businesses for information to compile the application.

"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," said Lydia Mihalik, Director of Development. "The need is urgent, and we are moving quickly to support Ohio's small businesses and non-profits."

Additional information about the SBA Economic Injury Disaster Loan program is available at