The Ohio Department of Development said Thursday the money would help provide financing for manufacturers, minority entrepreneurs and other small businesses.
The state is hoping to connect small business owners with Ohio lenders through a new website — ohioblc.com — that allows the companies to request loans online. Businesses will enter information about their businesses and the size of the loan they are requesting. Banks will evaluate the requests within 48 hours.
Loans of up to $4 million will be available to entrepreneurs.
The clearinghouse is a partnership between the the state, Fifth Third Bancorp, Huntington Bank and Keybank.
In a separate announcement, U.S. Sen. Sherrod Brown says $17.3 million in federal loans have been awarded to 48 small businesses throughout Ohio, including R&B Holt Enterprises in Piqua and Schmiesing Veterinary Clinic in Sidney.
Both funding announcements are part of a package of small business incentives President Barack Obama signed into law last week.