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Small businesses are the backbone of the United States economy. In the past 25 years, entrepreneurs have generated 12.9 million net new jobs. That’s two out of every three jobs added.
But today, small businesses, especially rural small businesses in my home state of Ohio, are struggling. While Ohio’s rural entrepreneurs are resilient, like many communities across the country, they have been slower to recover from the pandemic. According to a U.S. Census Bureau survey, two out of three small businesses in Ohio say the COVID-19 pandemic is still negatively affecting them. When asked to look forward, many said that normalcy isn’t likely to return soon.
Roadblocks to success include paying higher prices for goods and services, finding talented and committed employees among an aging and shrinking population, affording competitive salaries and benefits, and competing with larger companies.
But perhaps the most keenly felt hurdle for rural entrepreneurs is limited access to capital – often due to a lack of collateral, insufficient cash flow, resources to help navigate lending options, and other challenges.
Rural America’s small business funding gap
When seeking funding to expand and grow, rural small business owners face unique difficulties.
1. Access to brick-and-mortar banks is limited
A lack of physical banking branches in local towns is a huge disadvantage for rural small businesses. According to the Consumer Financial Protection Bureau (CFPB), some rural communities are "banking deserts," with brick-and-mortar bank branches few and far between.
Moreover, of those banks that have a rural presence, many are closing at record rates. Of the counties deeply affected by these closures, 89% were in non-metropolitan areas.
2. Eligibility challenges
A smart alternative to conventional financing are SBA loan programs, such as the popular 7(a) and 504 loans offered by approved lenders. The SBA guarantees these loans, reducing the financial risks that financial institutions face while helping borrowers who don’t qualify for bank loans.
Despite this guarantee, many SBA lenders continue to view rural small businesses as high-risk. That’s because SBA loan approval depends on the business owner having sufficient collateral, good credit, and adequate cash flow – a requirement that excludes many rural entrepreneurs who have weathered economic turmoil.
3. Community banks are selective in their loans
Another source of financing for rural businesses are community banks. However, in a tough economy, community banks are more inclined to limit their investment portfolio to real estate transactions where tangible collateral (buildings and property) can be used to secure the loan, thereby reducing the lender’s risk exposure. It’s an unfortunate lending focus (or strategy) that closes the door to rural business owners who need capital to fund inventory, purchase equipment and other non-real estate business needs.
4. Inflexible financing
Lastly, banks – whether they are large commercial banks or community banks – are accountable to shareholders and regulators, which limits their flexibility. When they lend money, they typically require repayment to begin within 30 days. This is a huge challenge for emerging businesses looking to grow that need flexible terms to execute their plan.
Taking on the rural small business funding challenge in Ohio
Nowhere are these unique funding challenges felt more acutely than in Ohio’s rural counties. While Ohioan rural small business owners are resilient, like many communities across the country, they have been slower to recover from the pandemic.
But exciting, substantial, and impactful progress has been made to address the rural business funding gap and bring capital and quality jobs to the state’s underserved areas.
So what’s changed?
Recognizing the need to maintain strong commercial activity in rural Ohio, in late 2020, the Ohio Senate reauthorized the Ohio Rural Business Growth (RBG) Program.
Originally passed in 2017, the renewed RBG program provides affordable, flexible capital for small businesses located in Ohio’s 75 rural counties with populations under 200,000.
A key advantage of the program and the investments it supports is that it provides Ohio rural businesses with flexible capital in the form of debt and/or equity $2M to $5M.
Impactful investments that bring capital and quality jobs to underserved areas
The impact of the RBG program has been profound and is indicative of the type of impact investing that Advantage Capital has made our mission for 30 years – bringing capital and quality jobs to underserved areas. Indeed, our experience serving rural small businesses has taught us that capital both strengthens communities and changes lives.
Consider Stirling Ultracold (formerly Global Cooling) a manufacturer of ultra-low temperature environmentally friendly freezers located in Athens – a historically underserved county with the most extreme rate of income inequality in Ohio. In October 2020, the company announced its role in global COVID-19 vaccine storage and distribution efforts. As the only company to produce freezers capable of storing any COVID-19 vaccine requiring ultra-low temperatures, Stirling played a key role in public health efforts
But five years earlier, things were quite different, and the company struggled to find investment to build out its world-class facility, fund new product development, and later meet vaccine-specific demand for its products.
Eager to play our part, in over five years Advantage Capital has invested over $9.4 million in the company – in part via the Ohio RBG program – supporting it through pivotal growth stages and spurring job creation. This included an investment in early 2021 to support additional capacity in Ohio as global sales escalated for its ultra-low temperature freezers for COVID-19 vaccine storage.
Now one of the largest employers in the area with 195 jobs supported and a workforce that grew by 30% in just three months, Stirling Ultracold continues to expand – organically and through M&A – bringing sustainable economic opportunity to the entire region.
Creating a lasting legacy for Ohio’s rural communities
Besides helping Ohio’s small businesses recover from the pandemic and expand operations, impact investing through the RBG program ensures economic opportunity for the people who need it most – putting Ohioans to work in quality, high-paying jobs with benefits, while producing competitive returns for our investors.
Stirling Ultracold is just one of many success stories. All told, Advantage Capital’s impact efforts have helped small businesses in Ohio create hundreds of jobs since 2015.
What we’ve achieved together is remarkable and I’m proud of the positive impact companies like Stirling Ultracold and many others are having on communities and the regional economy.
I’d love to share more of these stories with you, hear about your funding challenges, and find ways the Ohio RBG program can work for your rural Ohio business. Contact me at mspencer@advantagecap.com or visit advantagecap.com/ohio for more information.
Moniqua Spencer is a senior vice president and member of the Advantage Capital investment group where she is responsible for sourcing and providing due diligence support for prospective investments. She is passionate about working in underserved markets. Her defining moment came when she served on the leadership team of a statewide CDFI and CDE, where she led the financing of catalytic projects in underserved urban and rural areas. She believes in giving back to her community and serves on multiple boards focused on underserved businesses and youth.
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Advantage Capital Invests in First Orion, Supporting HQ Expansion and Job Creation in North Little Rock
Advantage Capital Invests $1.75 Million in StruXure, Bringing Jobs and Economic Development to Rural Georgia
StruXure looks to expand its current facility and bring new jobs to Lumpkin County, highlighting the economic impact of the Georgia Agribusiness and Rural Jobs Act (GARJA).
Advantage Capital Invests $1.75 Million in StruXure, Bringing Jobs and Economic Development to Rural Georgia
E-Pak Manufacturing Receives Investment From Advantage Capital to Fund New Growth Opportunities
E-Pak Manufacturing, a leader in the steel roll-off container and trailer industry, announced today that the company has closed on a preferred equity investment by Advantage Capital. This new funding, in connection with the Ohio Rural Business Growth Program, allows E-Pak to continue to expand its product lines and grow jobs in rural northeastern Ohio.
E-Pak Manufacturing Receives Investment From Advantage Capital to Fund New Growth Opportunities
Advantage Capital Invests in Capital City Trucking, Supporting Business and Job Growth in Mississippi
Today, Advantage Capital announced a $3.375 million investment in Richland, Mississippi-based Capital City Trucking. This follows an initial investment earlier in 2019, which allowed the freight company to triple its employee base and pursue significant growth opportunities.
Advantage Capital Invests in Capital City Trucking, Supporting Business and Job Growth in Mississippi
Advantage Capital Invests in MeltBlown Technologies, Supporting Economic Growth in Rural Georgia
Advantage Capital today announced an investment in MeltBlown Technologies, a leading manufacturer of industrial absorbents. The investment was made through the Georgia Agribusiness and Rural Jobs Act program and supports the company’s anticipated growth while adding over a half-dozen jobs in the near term.
Advantage Capital Invests in MeltBlown Technologies, Supporting Economic Growth in Rural Georgia
Advantage Capital Expands Executive Leadership Team With the Return of Ryan Brennan, Former COO of OPIC, as Managing Director
Advantage Capital announced today that Ryan Brennan will join the firm as Managing Director. Brennan will lead efforts to foster access to capital and economic development in underserved communities across the country. He will also join the leadership of the firm’s fundraising team and spearhead new initiatives to strengthen and develop internal talent and assets.
Advantage Capital Expands Executive Leadership Team With the Return of Ryan Brennan, Former COO of OPIC, as Managing Director
Rural Counties Receive Economic Lift with Georgia Program
Through the Georgia Agribusiness and Rural Jobs Act (GARJA), Advantage Capital made an investment in Danimer Scientific, a growing company focused on helping to end global plastic pollution. Danimer’s growth in rural Bainbridge, Georgia, is highlighted in the Summer 2019 issue of Georgia County Government magazine as part of a special focus on rural counties and the economic lift made possible through the GARJA program.
Rural Counties Receive Economic Lift with Georgia Program
Advantage Capital Invests in Danimer Scientific, Supporting Company’s Growth in Rural Georgia
Advantage Capital today announced a $6.5 million investment in Danimer Scientific, a leading biotechnology company producing biodegradable and compostable polymers used in consumer and industrial products. The investment was made through the GARJA program and supports the company’s anticipated growth as it seeks to boost capacity and significantly increase its workforce at its Bainbridge, GA location over the next few years.
Advantage Capital Invests in Danimer Scientific, Supporting Company’s Growth in Rural Georgia
Louisiana, look to the past to help secure your future
While other states have followed our lead for 30 years, Louisiana should now wisely learn from their efforts. Policymakers can draw lessons from how incentive programs have evolved in other states, learn from their mistakes and adopt their innovations. That will place us on the cutting edge of new approaches, says Advantage Capital Managing Director Michael Johnson, in the latest City Business article posted February 21.
Louisiana, look to the past to help secure your future
Opportunity Zones offer new life in long-ignored Louisiana neighborhoods
Ensuring that Opportunity Zones are successful requires thinking through with private and public parties how to protect existing residents and businesses while creating opportunity that’s needed for future growth, says Advantage Capital Vice President Philip Ruppel. Learn more about the Opportunity Zone program and where the real value may come into play, for maximum community impact throughout Louisiana.
Opportunity Zones offer new life in long-ignored Louisiana neighborhoods
Outside NOLA City Limits: Rural Louisiana Could Use a Kickstart
Louisiana’s rural small businesses need capital to grow and create new opportunities. Without it, thriving rural communities can turn into ghost towns, says Advantage Capital Principal Tony Toups.
Outside NOLA City Limits: Rural Louisiana Could Use a Kickstart
Incentives Turn New Orleans Into a Tech Boom City
The thing about incentives is that in igniting growth and inspiring entrepreneurs, cities like New Orleans become a magnet for top-tier new talent that fire up new phases of expansion, says Advantage Capital Chief Financial Officer Justin Obletz.
Incentives Turn New Orleans Into a Tech Boom City
Advantage Capital Selected to the Inaugural Real Leaders 100 Top Impact Companies
We are honored to be selected to the inaugural Real Leaders 100 Top Impact Companies. Read more about us and other RL100 companies that prove business can be a Force for Good.
Advantage Capital Selected to the Inaugural Real Leaders 100 Top Impact Companies
Advantage Capital Invests in Momentum Solar, Supporting Company’s Explosive Growth and Strengthening the Clean Energy Economy
Advantage Capital today announced a $4.1 million investment in Momentum Solar, a residential solar company offering solar design, engineering and installation services across New Jersey, New York and five other states. The investment, through the Grow NJ program, supports the company’s expansion plans and growth strategy.
Advantage Capital Invests in Momentum Solar, Supporting Company’s Explosive Growth and Strengthening the Clean Energy Economy
Advantage Capital Invests in Mirac, Preserving Company’s Strong Manufacturing Presence in Rural Ohio
Advantage Capital today announced a $7.55 million investment in Mirac, Inc., a rural Ohio-based electronics assembly and fabrication company with locations in Lynchburg and West Union, that will help keep jobs in rural Ohio.
Advantage Capital Invests in Mirac, Preserving Company’s Strong Manufacturing Presence in Rural Ohio
Novogradac Journal of Tax Credits Volume 9 Issue 9: NMTC Investment in Operating Businesses Complex, Beneficial
It's not simple to invest NMTCs in operating businesses, but it's impactful. It comes down to permanent, quality and accessible jobs, says Advantage Capital Managing Director Jonathan Goldstein.
Novogradac Journal of Tax Credits Volume 9 Issue 9: NMTC Investment in Operating Businesses Complex, Beneficial
Advantage Capital Invests in Ohio-Based RXQ Compounding, LLC
Advantage Capital today announced a nearly $3.6 million investment in RXQ Compounding, LLC, an FDA-approved outsourcing facility that manufactures medical formularies and medications used in physician offices and hospitals across the country, located in Athens County, one of Ohio’s hardest hit rural areas.
Advantage Capital Invests in Ohio-Based RXQ Compounding, LLC
Advantage Capital Agribusiness Partners Invests in New Hampshire-Based Rustic Crust, Inc.
Advantage Capital Agribusiness Partners, LP (ACAP) invests in Rustic Crust, Inc., a “better-for-you” pizza company.
Advantage Capital Agribusiness Partners Invests in New Hampshire-Based Rustic Crust, Inc.
Advantage Capital Picks Winning Teams in Revitalizing Communities and Putting Capital to Work
Advantage Capital celebrates some of the country's top emerging leaders in community finance at MIT's Community Finance Challenge.
Advantage Capital Picks Winning Teams in Revitalizing Communities and Putting Capital to Work
Advantage Capital Portfolio Company Cleveland HeartLab, Inc. Acquired by Quest Diagnostics
Cleveland HeartLab becomes the base for Quest Diagnostics’ first national center of excellence in cardiometabolic disorders.
Advantage Capital Portfolio Company Cleveland HeartLab, Inc. Acquired by Quest Diagnostics
Advantage Capital Napa, CA Office Statement
For Immediate Release: Advantage Capital’s office in Napa, California will be closed until further notice as a result of the recent Northern California fires.
Advantage Capital Napa, CA Office Statement
Advantage Capital Managing Director Ryan Brennan Appointed to the Overseas Private Investment Corporation
Advantage Capital has announced that Managing Director Ryan Brennan has been appointed as Vice President, Office of Investment Policy at the Overseas Private Investment Corporation (OPIC), the development finance arm of the federal government.
Advantage Capital Managing Director Ryan Brennan Appointed to the Overseas Private Investment Corporation
Advantage Capital Will Use NMTC Allocation to Spur Economic Growth
On November 22, 2016, Advantage Capital announced that it was awarded an $80-million allocation in the federal New Markets Tax Credit (NMTC) program. Administered by the U.S. Department of the Treasury, this program helps economically distressed communities attract private investment capital. This brings Advantage Capital’s total awards to $739 million since 2001.
Advantage Capital Will Use NMTC Allocation to Spur Economic Growth
Advantage Capital Agribusiness Partners Invests in Florida-Based Vintage Italia
Advantage Capital Agribusiness Partners, LP (ACAP), along with Silas Capital and Emil Capital Partners, announced today it is leading a $3 million financing round in Florida-based Vintage Italia. Dedicated to providing capital to companies in food and agribusiness industries, ACAP has selected Vintage Italia – founded by entrepreneur Jerry Bello – as the first company within the snack food category to receive support from the fund.
Advantage Capital Agribusiness Partners Invests in Florida-Based Vintage Italia
Advantage Capital Agribusiness Partners Invests in California-Based Hip Chick Farms
Advantage Capital Agribusiness Partners, LC (ACAP) announced today a $2-million investment in Hip Chick Farms, which offers a line of organic and fully cooked frozen poultry entrées. The investment comes at a time of growth for Hip Chick Farms, supporting its release of new products as the company begins to supply to large retailers Target and Kroger.
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