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Sykes, Reynolds Bill Would Increase Opportunities for Minority Businesses

October 4, 2023
Vernon Sykes News

State Senators Vernon Sykes (D-Akron) and Michele Reynolds (R-Canal Winchester) introduced Senate Bill 166, their bipartisan legislation to increase opportunities for minority businesses. Specifically, the bill will allow current funds for minority businesses to be used to increase their working capital, empowering them to grow their companies.

“I am proud to co-introduce this bill with Senator Reynolds to increase access to working capital for minority businesses,” said Sykes. “Ohio is facing a workforce shortage. Having talked to a multitude of business owners, the consensus is clear: providing access to working capital will maximize business potential and boost the state economy. I am excited about working on this bill as it progresses through the legislature.”

Senate Bill 166 will permit money already allocated to the Ohio Department of Development to be used by minority businesses to increase their working capital. This flexibility will allow these businesses to hire more employees and enhance their daily operations, enhancing their success and further growing Ohio's booming economy. 

"I have direct experience with the difficulties that minority businesses encounter when trying to navigate the hurdles associated with accessing capital and making the most of the limited funding opportunities that exist," Reynolds said. "This bill allows greater flexibility in funding minority businesses and underscores our commitment as a state boost economic development and job creation."

Follow Senate Bill 166 here.