Ohio small business lenders offer an exceptional opportunity to borrow for business needs.
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Biglaw Investor connects you with small business lenders who can help you expand your business, whether through working capital or via acquisition. A small business loan loan is a great way to grow your business—but it can be hard to know where to start. Our small business lenders offer an experience specially tailored to your goals.
Offered exclusively through Biglaw Investor, we make it incredibly simple to find the best loan for your business needs.
I’m an associate at a firm in Houston and used JD Mortgage thanks to your advice! The experience was great—they were super fast and responsive.” —Mary Kate Raffetto Beck Redden LLP
For a JD Mortgage, I had good luck with IBERIABank. [They] made this process very smooth.” —Clint Cowan Lynn Pinker Hurst & Schwegmann
Ohio is a Midwestern state that’s home to over 11.8 million people, making it the 7th most populous state in the country. Columbus is the capital and largest city, while Cleveland, Cincinnati, Akron, and Toledo are some of the largest cities. Ohio sits on the shores of Lake Erie to the north and has, as a result, had a long history of manufacturing, including in the steel industry. The state is beautiful, with numerous park systems, including the Cleveland Metroparks, one of the largest such park systems in the country. Those who live in Ohio benefit from its rich agricultural industry, with much of the center of the state being dedicated to food production. With a long history of contributing to the growth of the U.S. Ohio, also known as The Buckeye State and the Birthplace of Aviation, has much to offer.
Ohio’s economy is very diverse. As noted, there is a large industrial and agricultural sector here, but over the last few decades, much of the state has become more of a service-focused state with a growing information tech, financial, and healthcare industry. It is home to numerous large hospital systems and research centers. While a number of large companies call the state home, such as Procter & Gamble, Goodyear Tire, and Wendy’s, there are many small businesses in the state as well. Information from the U.S. Small Business Administration shows there are 313,257 small businesses in the state that create 2.2 million jobs for those who live here. These jobs have a payroll of $93,711,034.
Small business is a growing and valuable component of Ohio’s economy, which is why it is critical to ensure there’s ample financial support for these companies. The Small Business Administration has data showing that there are 8,978 small business loans in place as of 2022. Those loans have a total volume of $3,154,909,916. The average loan size for Ohio companies is $351,405. These funds have helped to support the growth of many organizations throughout the years, including to cover the cost of equipment, developing new products, hiring more employees, and expanding.
Small business loans are provided to Ohio companies that demonstrate a need but also have the means to repay the borrowed funds. The lenders themselves range widely but often include credit unions and banks, as well as private lenders and specialized institutions. The good news is there are a lot of types of loans available with various qualifications, meaning many companies will find a loan that meets their needs.
Some examples of the types of small business loans in Ohio available include:
Small business loans like this can be used for a wide range of needs. Some companies use them to help with growth and expansion, such as opening new locations, building new products, or expanding employees to meet client demand. Others use these loans to help cover the costs of new equipment or modernize operations to be environmentally friendly. These loans can also serve as a long-term line of credit, providing access to funds when cash flow demands it.
Ohio small business lenders require companies to provide information about their business, including the industry, types of products or services, and the overall financial health of the company. Most want to see things like the company’s balance sheets and profit and loss statements to help determine how much the company can borrow and repay over time. Small business lenders in Ohio also look at the credit score of the business or of the business owner to help them gauge the viability of lending.
Some loans are backed by the federal government, while others are based solely on the company’s ability to repay the loan. When comparing loan options and lenders, businesses need to think about their ability to make payments on time for the borrowed capital, along with interest. Interest rates can be competitive for qualified borrowers. As a business owner, the more you know about the lender, the better off you may be in obtaining a loan.
Business financing may also be available through microloans, nonprofit grants, real estate loans, minority business loans or grants, or grants from Small Business Development Centers. In the state of Ohio, most entrepreneurs use their own funds for startup, but might eventually need additional business funding. Look at sources like the Ohio Development Services Agency, women’s business centers, and other local business resource agencies. For example, you may qualify for assistance as a women-owned business.
Once you have exhausted these sources, look into funding options like a merchant cash advance, capital loans, and other Ohio small business loans. The application process, loan application itself, and repayment terms will vary based on the lender you choose.
| Rank | Bank Name | # of Ohio Loans | Avergage Interest Rate | Average Loan Size |
|---|---|---|---|---|
| 1 | Huntington National Bank | 1998 | 5.47% | $183,356 |
| 2 | KeyBank | 124 | 5.57% | $435,680 |
| 3 | U.S. Bank | 92 | 6.09% | $177,383 |
| 4 | Telhio Credit Union | 78 | 5.56% | $354,018 |
| 5 | First Commonwealth Bank | 66 | 5.44% | $646,103 |
| 6 | Peoples Bank | 62 | 5.57% | $513,387 |
| 7 | Live Oak Bank | 48 | 5.28% | $1,442,000 |
| 8 | Consumers National Bank | 47 | 4.65% | $421,611 |
| 9 | Heartland Bank | 45 | 5.40% | $307,744 |
| 10 | First Financial Bank | 41 | 4.61% | $412,132 |
Founded in 1866 and based out of Columbus, Ohio, with branches in 11 states and $179 billion in assets to meet its customers’ needs, Huntington National Bank has much to offer. The Huntington National Bank has a number of products and services to meet personal and business banking needs.
We reached out to Huntington National Bank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
KeyBank is headquartered in Cleveland, Ohio, and offers a wide range of banking and investment products to meet the needs of its members. KeyBank provides services for businesses and individuals with products such as small business loans and personal and business checking and savings to meet all of its customers’ needs.
We reached out to KeyBank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
First coming into existence in 1863 as the First National Bank of Cincinnati, U.S. Bank now operates in 26 states across the country. U.S. Bank offers a number of products and services to meet customers’ needs, including small business loans and personal banking solutions, including checking and savings.
We reached out to U.S. Bank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
Founded in 1934, Telhio Credit Union was founded as a credit union for Columbus Telephone Company employees in Columbus, Ohio. Now with over 70,000 members, Telhio Credit Union is able to provide services for its members in central Ohio, including small business loans and personal banking products.
We reached out to Telhio Credit Union to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
Based in Indiana, Pennsylvania, First Commonwealth Bank has 119 branch locations in Pennsylvania and Ohio to meet all of its customers’ needs. Products that First Commonwealth Bank offers include business loans, personal banking accounts, and business banking accounts, as well as tools for financing and money management.
We reached out to First Commonwealth Bank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
Small business owners who wish to borrow capital to grow their companies often need to have a well-established foundation of financial success. That is not always easy to do, especially if you are a newer company that is privately funded. That is where turning to a few of the best resources for small businesses in Ohio can help you.
One such organization is the Small Business Administration in Ohio. It offers a website as well as local offices for hands-on support. The organization offers educational programs and resources to help companies make financial decisions, qualify for licensing, obtain contracts from the government, support tax payments, and much more. All of the support provided is free of charge, too.
Another resource is SCORE. It is an organization that is established by successful business owners as a way to provide support and guidance to new companies. This organization offers mentorships, for example, that allows companies to connect with those who have been successful. There are also workshops and training seminars available to continue to provide the help companies need to succeed.
If you want to find the best small business loans in other states, click on your state below.
Joshua Holt is a lawyer and founder of Biglaw Investor. He spent 10 years practicing private equity mergers & acquisition law for one of the largest law firms in the country. As part of his practice, he advised small and medium sized businesses on matters ranging from business loans to the acquisitions and divestitures of stocks and assets.
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