Help your community by partnering with the Ohio Department of Development
Published by: Jared Weiser
May 3, 2023 | Government Affairs
Ohio communities thrive when people have access to resources and opportunities that foster greater financial well-being. As member-owned cooperatives, Ohio credit unions work to advance communities by building stronger financial futures. One way credit unions achieve this goal is to provide small businesses with access to affordable capital. The League is working with members of the Ohio General Assembly to allow small businesses to partner with credit unions to access the Ohio Capital Access Program (OCAP). This program, offered through the Ohio Department of Development, encourages financial institutions to lend to small businesses, minority-owned businesses, and women-owned businesses that may not meet conventional underwriting standards by establishing a loan loss “guarantee” account to recover losses from loans enrolled in the program.
If you would like to learn more about OCAP, join the League and the Ohio Department of Development to learn about all the programs your credit union could use to facilitate increased lending to small businesses, minority-owned businesses, and women-owned businesses. Click here to learn more and register.
