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Forbes Under 30 Leaders Find Innovative Solution Addressing Systemic Issue Of Access To Capital For Small Businesses

Tuesday, July 21, 2020

The coronavirus pandemic has taken a catastrophic toll on America’s small businesses. Those with small cash reserves are owed nearly $1 trillion by suppliers, and according to a recent survey by Goldman Sachs, 85% of small business owners say their personal finances have been hurt due to the crisis, while 64% say their cash reserves will last less than three months. 

When the government rolled out the first round of Paycheck Protection Program funding on April 3, the $349 billion in emergency relief ran out in less than two weeks, and the program was widely criticized, as much of the money went to the best-connected businesses with existing banking relationships—not the neediest or most deserving. Round two of the program went into effect on April 27 with additional $310 billion in funding, but a June 12 report from the Small Business Administration shows $130 billion has been left unclaimed. 

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Why Ohio?

$2.7 BillionBudget Reserve

$2.7 BillionBudget Reserve

Ohio Ranks No. 9 in Competitive Labor Environment

Ohio Ranks No. 9 in Competitive Labor Environment

Ohio is One of the Top 10 Freight Destinations

Ohio is One of the Top 10 Freight Destinations

No Corporate Income or Profits Tax

No Corporate Income or Profits Tax

Ohio Has the Fourth Largest Interstate Highway System

Ohio Has the Fourth Largest Interstate Highway System

7th Largest Economy in the U.S., 21st Worldwide

7th Largest Economy in the U.S., 21st Worldwide

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