DAYTON, Ohio (WDTN) — The Greater West Dayton Incubator is offering micro loans for local small businesses. The program is specifically geared for business owners who are unable to get approved for loans from traditional banks.
These might be micro loans, but they can have a major impact, and Whitney Barkley, the organization director, said they hope to help minority owned businesses on the west side of Dayton.
“When you start a business, usually when you start you need capital, you need access to money to truly be able to grow the business,” Barkley said. “So, a program like this is really important because it allows people to access things like insurance, marketing equipment, things that they truly need to grow their businesses.”
The incubator has been granting these loans since 2021, typically giving out about $25,000 per semester in loans.
The organization has helped a total of 10 business so far and given out over $70,00 to small local businesses.
Applications are open until October 1. Those who wish to apply can do so here.