With the goal of creating healthier neighborhoods by investing in the local economy, the Ohio Small Business Development Center (SBDC) in Springfield and Bon Secours Mercy Health (BSMH) have partnered to create a low-interest loan program to support local and minority-owned businesses.
BSMH, which includes Mercy Health – Springfield, has committed $1 million as part of its Direct Community Investment Program, in an effort to support small business development. Over the next year, the investment will support a low interest loan program for business owners in both Clark and Champaign Counties.
The fund will prioritize small business owners and aspiring entrepreneurs that are female, minority, or veterans. It will also look to bolster businesses that have a component to directly address social determinants of health by removing barriers to things such as housing, transportation, healthy food and other necessities.
“Helping people is at the heart of all we do, and we know that serving our community doesn’t stop at providing quality health care in our facilities. We must also do our part to help address other issues influencing the region such as employment and financial stability. That’s why we know this investment and collaboration is an important step toward building a healthier community,” said Adam Groshans, president, Mercy Health – Springfield.
SBDC offers the coaching and financing that’s necessary to start, grow, and sustain a small business.
The organization has a proven commitment to supporting a thriving local economy by empowering small businesses in Clark County. With this new investment from BSMH, the group will be able to expand its effort into Champaign County for the first time as well.
“Over the past couple of years, we’ve seen firsthand how lives and communities are transformed when we intentionally focus our efforts and funding on the types of business owners who are often overlooked by the traditional banking system and ill-supported by government and community-based programs,” says SBDC Executive Director Rob Alexander. “This new program builds on those recent efforts, and we couldn’t be more excited to partner with Bon Secours Mercy Health to ensure that not only are financial resources flowing into all corners of the communities we serve, but also that they are being used to address the most pressing problems affecting our health.”
Anyone wishing to apply for a small business loan should contact the Springfield Small Business Development Center at (937) 322-7821 to set up an initial consultation.
Info submitted by Mercy Health