Growth and Resources Available for Black-Owned Businesses in Ohio

In 2004, National Black Business Month was created to recognize and help advance policies that uniquely impacted Black-owned businesses in the United States, including issues many Black businesses faced in gaining financial backing. Twenty years later, we continue to celebrate the contributions of Black-owned companies in the United States while recognizing that minority-owned businesses still face challenges with business creation, growth, and funding that other populations may not.

Black and minority-owned businesses are essential to Ohio's economy and communities. They create jobs, inspire economic growth, and increase the number of qualified competitors in the marketplace. According to the U.S. Small Business Administration Office of Advocacy, approximately 10 percent of Ohio businesses are Black-owned companies.

The JobsOhio Small Business Grant provides financial support for Black-owned businesses in addition to those owned by women, veterans, and people with disabilities. Businesses owned by these populations may face additional challenges in growing their companies, and qualified communities may benefit from investments and job creation on a smaller scale than communities that experience higher levels of corporate investment.

Since 2021, JobsOhio has assisted Ohio businesses with more than 500 small business grants in the ten sectors that JobsOhio supports. Manufacturing company Journey Steel in Cincinnati, one of the only Black-owned and women-owned steel fabrication and assembly companies in the nation, utilized the JobsOhio Small Business Grant to invest in new state-of-the-art equipment and up-to-date engineering software, improving operational efficiency and allowing the company to eliminate outsourcing. In Cleveland, The AKA Team, a Black-owned and woman-owned construction company, was able to expand its office space and add 20 new employees needed to grow with the assistance of a JobsOhio Small Business Grant.

Still, wealth creation remains a barrier to economic progress for Black Americans, and research shows that minority-owned banks are more likely to serve and reach customers who have lower incomes. In 2023, Adelphi Bank announced its grand opening as Ohio's only Minority Depository Institution (MDI) and the first to open in the United States since 2000.

“Starting a new community bank relies on the investment of local businesses, civic organizations, and other community members – investors who have knowledge of and relationships in the areas they’re investing. With the assistance of organizations like JobsOhio, Adelphi Bank is possible,” said Kevin L. Boyce, Founder. “We’re grateful to have been received by the state in such a strong way and for the opportunity to uplift our Central Ohio community.”

JobsOhio assisted the opening of Adelphi with a $150,000 grant through the JobsOhio Small Business Grant program. To further JobsOhio’s commitment to the bank’s success, the economic development corporation made a deposit to support Adelphi’s success and allow the MDI to implement its mission to boost financial equity and build meaningful wealth for seamless and straightforward banking without inherent bias.

Not only is financial support necessary to help Black-owned businesses grow, but so is access to networks, mentorship, and visibility. Supporting business development through specialized partnerships with experts like the Lightship Foundation is one way that JobsOhio provides additional opportunities for Black founders to become further empowered as entrepreneurs. JobsOhio sponsors the Lightship Bootcamp program, a series of three-day boot camps held in various cities across the state to provide mentorship, specialized curriculum, and networking for underrepresented entrepreneurs.

The Black Founders Initiative is a statewide Advisory Council that plans to provide opportunities for resources and networking to assist Black founders in gaining access to services and funding to help them become successful entrepreneurs. JobsOhio is leading this collaboration with other state entities in consultation with a council of business and industry experts who serve as the Black Founders Advisory Council. The Council aims to connect and collaborate to provide resources, including databases and networking opportunities for underrepresented and underserved populations to utilize and access within Ohio.

As Ohio’s business climate continues to grow, so do the opportunities for Black-owned businesses. Through funding, partnerships, and sponsorships, JobsOhio provides resources to help minority businesses and their people thrive in Ohio.

If you’re interested in learning more about how JobsOhio can support the growth of your thriving business, please contact your local JobsOhio network partner.