Sykes Applauds Approval of Contributions to Minority Businesses
February 8, 2021
Vernon Sykes News
Today, state Senator Vernon Sykes (D-Akron) supported the Ohio Controlling Board’s decision to release $20,000 to the Ohio Capital Access Program (OCAP) reserve fund to assist minority-owned small businesses with financing needs.
“Continuing to fund OCAP is an important way for us to support economic recovery and help our minority-owned small businesses regain their footing,” said Sykes, who is a sitting member on the Controlling Board. “We must continue to help small businesses throughout the state because their recovery impacts the future of Ohio.”
The Ohio Capital Access Program (OCAP) is a loan portfolio insurance program that enables small businesses to obtain credit to support their growth and expansion. Since 2012, $6.66 million in bank loans and $5.31 million in state funds supported loans for 46 minority business enterprises (MBEs) in the OCAP program. A participating lender and borrower contribute a percentage of the loan into a reserve fund held by the lender. The Ohio Development Services Agency also contributes to the reserve fund to help cover any losses on OCAP loans in the lender’s loan fund. OCAP loans are originated and serviced by the private lender.
Additional distribution details for these funds can be found here.
“Continuing to fund OCAP is an important way for us to support economic recovery and help our minority-owned small businesses regain their footing,” said Sykes, who is a sitting member on the Controlling Board. “We must continue to help small businesses throughout the state because their recovery impacts the future of Ohio.”
The Ohio Capital Access Program (OCAP) is a loan portfolio insurance program that enables small businesses to obtain credit to support their growth and expansion. Since 2012, $6.66 million in bank loans and $5.31 million in state funds supported loans for 46 minority business enterprises (MBEs) in the OCAP program. A participating lender and borrower contribute a percentage of the loan into a reserve fund held by the lender. The Ohio Development Services Agency also contributes to the reserve fund to help cover any losses on OCAP loans in the lender’s loan fund. OCAP loans are originated and serviced by the private lender.
Additional distribution details for these funds can be found here.