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Are you looking for Ohio’s best business loans & startup financing companies? For your small business in the Buckeye State, many banks, credit unions, and unconventional lenders are offering different loan types. More than a million small businesses have a home in Ohio. That’s why many lenders provide exceptional services to these Ohio-based startups today.

Understand the unique features and benefits of different loan types to empower your business. That’s how you choose the best lender for your business. Also, look into no-credit equipment financing options if you can’t get a business loan via traditional means.

Consider these 11 business loans and startup financing options in Ohio to get started. Check our reviews of these lenders to decide which one’s the best option for you:

1. Swoop Funding

Swoop Funding is every Ohio-based small company’s top startup financing option. It will offer entrepreneurs a range of funding solutions to meet their needs. You can access many loan types, including traditional term loans & innovative financing options with a simplified process.

At Swoop Funding, you can get $5k to $500k as a small business. Moreover, you have to have a credit score of 600+ with the company’s annual revenue being $50k (at least). Even if it’s been 6 months since you started this business, Swoop will consider your loan application! However, it is important to talk directly to Swoop’s experts to determine your creditworthiness.

2. Heartland Bank and Trust Company

The average interest rate at this bank is around 5.40%. Also, $307k is the average loan amount that you can get from this lender. You may apply for ample business loans from Heartland and keep your Ohio-based startup in business for many years to come.

3. First Financial Bank

The average interest rate at this bank is around 4.61%. However, $412,000 is the average loan amount that you can get from the First Financial Bank. You can get money to purchase office equipment, secure lines of credit, or invest in commercial real estate. So, get in touch with this loan provider right away.

4. First Commonwealth Bank

The interest rate at the First Commonwealth Bank is over 5.44%. However, the average loan that this lender approves is also pretty high ($646,000). Don’t forget that this bank has its roots in Pennsylvania. But its 100+ branches are scattered across Pennsylvania and Ohio alike. You should get in touch with this loan provider to find out about its Export program. The Export program gives lenders and exporters a simplified way to get SBA-backed financing for lines of credit and loans up to $500,000.

5. KeyBank

KeyBank is yet another major lender in Ohio. With an average interest rate exceeding 5.50%, it offers Buckeye State startups a loan amount of more than $435,000. Also, the HQs of this loan provider are in Cleveland, Ohio. It also offers lending opportunities to businesses located in New York, New Hampshire, New Jersey, Michigan, and many other states. Also, you can get up to $2 million from this lender.

6. Huntington National Bank

We’ve mentioned this bank previously. It’s a major lender providing ample lending opportunities to startups in Ohio, Kentucky, Indiana, Illinois, West Virginia, and many other regions. However, the average interest rate is closer to 5.50% while the average loan amount is like $187,000. So, you should look into other factors about this lender before choosing Huntington. Keep in mind that it was founded in Columbus, Ohio, and has $179 billion in assets.

7. Telhio Credit Union

This credit union provides Ohio-based businesses with ample funding with SBA 7(a)/504. You can apply for a loan here at an average interest rate of 5.56% while the average payout amount here will be $354,000. Also, Telhio lets you borrow money for the following purposes:

• Commercial real estate acquisition, renovation, or expansion
• Revolving credit
• Business refinances
• Equipment lending
• Machinery and/or inventory lending

8. Consumers National Bank

At the Consumers National Bank, the average loan amount that small businesses get is around $420k, available at an average interest rate of 4.65%. So, you can apply for term loans or SBA loans via the Consumers National Bank. This loan provider also gives you access to commercial construction loans, equipment loans, and agricultural loans.

9. Ohio Valley Bank

As the name indicates, this bank operates exclusively in Ohio, helping local businesses get the money needed to stay afloat in this economy. So, you should get in touch with this lender to find out more about their terms & conditions. Ohio Valley Bank will offer you these loan types:

• Commercial Real Estate Loans
• Floor Plan Financing
• Loans on Stocks and Bonds
• Commercial Equipment Loans
• SBA Loans
• Commercial Construction Loans

10. Buckeye State Bank

This lender bears Ohio’s nickname and provides local businesses with the funding they need to stay profitable. At the Buckeye State Bank, they partner with GrowNow Ohio to help startups in the Buckeye State get loans up to $400k for two years. So, local startups can get started and expand by providing up to a 3% interest rate reduction on new or existing small business loans.

11. US Bank

The average interest rate at the US Bank is more than 6.00%. Also, $177k is the average loan amount that you can expect from this lender. That’s why the US Bank is #11 on our list. The US Bank originated as the First National Bank of Cincinnati. However, it now operates in more than two dozen states throughout the US, providing ample financial support to deserving startups.

Ohio Government Resources

Check out these government resources about business grants/funding and startup financing options in Ohio:

• Ohio Business Resource Connection
• Business Assistance Programs | Fairfield, OH
• Funding Resources in Dublin, Ohio
• Small Business Funding in Cuyahoga County

Top Cities in Ohio for Business Loans

Curious to know which regions, areas, places, and cities in Ohio are the best for business loans and startup financing? If you live in any of these 30 cities, then you can easily access SBA loans or other nontraditional financing means to embark on your entrepreneurial journey:

1. Columbus
2. Cleveland
3. Cincinnati
4. Toledo
5. Akron
6. Dayton
7. Youngstown
8. Lorain
9. Hamilton
10. Mansfield
11. Springfield
12. Kettering
13. Elyria
14. Canton
15. Dublin
16. Newark
17. Mentor
18. Lakewood
19. Westerville
20. Reynoldsburg
21. Fairfield
22. Parma
23. Piqua
24. Marion
25. Zanesville
26. Sandusky
27. Findlay
28. Troy
29. Ashtabula
30. Lancaster

Conclusion

Whether you’re a startup owner or founded a well-established business years ago, you have to choose the right financing partner and lender. That’s how you keep your business vessel afloat and key commercial operations running in Ohio in this economy.

Now, choose a lender that offers you flexible loan terms and interest rates. Check their online reputation, customer service, interest rates, and other factors. If something is still unclear, get in touch with us at Sophisticated Investor to learn how to get your entrepreneurial dreams funded quickly. That’s how you can take your business to new heights of success.