Access to capital is essential for any business to grow and thrive. Unfortunately, many minority-owned businesses face significant obstacles when it comes to obtaining financing. Discrimination plays a role in the limited access to funding for minority-owned businesses and there is often a lack of the credit scores, collateral, or financial history required to secure a traditional bank loan.
To address this problem, Aventi Enterprises created the Aventi Loan Fund, which offers micro loans up to $25,000 to certified minority-owned businesses in Central Ohio. The Aventi Loan Fund is a part of Aventi Enterprises, a business consulting firm focused on helping small businesses succeed.
The Aventi Loan Fund is designed to provide gap financing to businesses that have immediate needs for contract financing. Typical monthly revenues for eligible businesses are between $2,000 - $20,000, and they have on average 2-5 employees.
To qualify for a microloan from the Aventi Loan Fund, businesses must meet the following eligibility criteria:
Must be in business for at least one year.
Must be MBE certified with the state of Ohio, NMSDC, or a local city within the state of Ohio.
Must be registered with the Ohio Secretary of State.
Headquarters of the business must be located within central Ohio.
Must use the funds for gap financing to secure or maintain a contract. Funds can be used for marketing, technology, payroll, hiring, employee training, inventory, equipment, relocation costs, and/or leasehold improvements.
Must be 21 years of age to apply.
The Aventi Loan Fund provides businesses with more than just financial support. Borrowers have access to a team of experienced consultants who can provide guidance and support as they work to grow their businesses.
To apply for a microloan from the Aventi Loan Fund, eligible businesses must complete an online application. The application process is straightforward and includes providing basic information about the business, the owner, and the proposed use of funds. The Aventi team will then review the application and determine whether the business is eligible for funding.
If the business is approved, Aventi Enterprises will work with the borrower to develop a repayment plan that fits their unique needs. The borrower will also receive ongoing support from Aventi Enterprises, including access to training, networking opportunities, and other resources.
The Aventi Loan Fund is an excellent resource for minority-owned businesses in Central Ohio that need immediate access to capital. The microloan program provides gap financing to businesses that have existing or pending contracts and need financing to secure or maintain them. In addition to financial support, borrowers also receive valuable guidance and support from Aventi Enterprises' team of experienced consultants.
With the Aventi Loan Fund, minority-owned businesses in Central Ohio have a valuable resource that can help them grow and succeed.