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Minority
Development Financing Advisory Board Awards Financial
Assistance to Ohio Minority Businesses
Special
to The Truth
Lieutenant Governor Lee Fisher last week announced that the
Minority Development Financing Advisory Board has awarded a
Minority Business Direct Loan and bonding lines to three
certified Ohio Minority Business owners. An $83,600 Minority
Business Direct Loan was awarded to Dr. Kettlie Joseph
Daniels, M.D., located in Toledo (Lucas County); a $500,000
bonding line was approved for The Cleveland Group Excavating
Division, LLC in Bedford (Cuyahoga County); and a $400,000
bonding line was approved for Bryson/Tucker Electric, LLC in
Toledo (Lucas County) through Ohio’s Minority Business
Bonding Program.
“We are
pleased to assist these business owners as they strive for
new growth opportunities around the State,” said Fisher, who
also serves as director of the Ohio Department of
Development. “Access to financing and business assistance
can make all the difference in helping
Ohio’s
minority-owned companies realize their full potential.”
Dr.
Kettlie Joseph Daniels M.D.,
in
Toledo, was awarded an $83,600
Minority Business Direct Loan. The office
provides outpatient psychiatric and counseling
services to adolescent and adult men and women.
Services provided include the treatment of major mental
illnesses such as schizophrenia, bipolar disorders, and
major depression, as well as anxiety disorders and others.
Also provided are treatment for eating disorders, chemical
dependency, family and work-related issues, and women’s
health issues. The practice also performs clinical research
trials. The project
involves the purchase of land and a vacant medical building
in
Toledo.
The loan
will enable the company to expand the services
of its mental health
practice. The loan for Dr.
Daniels is contingent upon approval of the State
Controlling Board.
The
Cleveland Group Excavating Division, LLC,
in Bedford, a division of The Cleveland Group of Companies,
LLC, was awarded a
$500,000 bonding line through Ohio’s Minority Business
Bonding Program. The Cleveland Group of Companies, LLC
offers construction and real estate development, financial
and strategic services through a number of different
divisions and subsidiaries. The Excavating Division provides
services that include site preparation, grading, drainage,
demolition, hauling, roadways, water mains, and sewers. The
bonding line will be utilized to increase commercial
activities associated with construction and excavating and
may help create 75 jobs at the company. The bonding line is
contingent upon approval of the State Controlling Board.
Bryson/Tucker Electric, LLC,
in
Toledo,
was awarded a $400,000 bonding line through Ohio’s Minority
Business Bonding Program. Established in September 2003,
Bryson/Tucker Electric, LLC, has areas of expertise in
commercial and light industrial work, wastewater treatment
plants, construction and renovations of schools and
hospitals, high voltage work, and telecommunications. The
company is able to act as a general contractor, as well as a
subcontractor. Bryson/Tucker Electric, LLC, currently has
eight staff members, including the owners, and the bonding
line may help create five jobs at the company over the next
three years. The bonding line is contingent upon approval of
the State Controlling Board.
The
Minority Direct Loan Program provides low interest rate
loans for the purchase or improvement of fixed assets to
minority-owned businesses certified by the State, the
Northern Ohio Minority Business Council, and the South
Central Ohio Minority Business Council.
The
Minority Business Bonding Program provides bonding
assistance to minority businesses who otherwise cannot
obtain bonding. The goals of the program are to produce long
term positive results by assisting minority businesses in
eventually obtaining bonding from the private sector; and to
provide minority businesses with the best opportunity for
obtaining contracts, long-term success and stability.
The
Minority Development Financing Advisory Board is charged
with providing the Director of the Ohio Department of
Development with recommendations for assistance through the
Minority Business Direct Loan Program and the Minority
Business Bonding Program.
The Ohio
Department of Development’s Division of Minority Business
Affairs works to create a business environment in Ohio
that assists in the growth and development of minority-owned
firms, which are defined as being at least 51 percent owned
and controlled by one of the following ethnicities:
African-American, Hispanic, Native American and Asian.
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