Small Business Committee - November 2025

Present: Mark Haake, Mayor Diana Nelson (chair), Joy Bennett, Joe Riegelsbarger, Jennifer Heft, Jenna Pantling, Mike Stater

Duke Energy Small Business Grant

• Discussed results of the grant program

• 13 businesses awarded

• Mim’s on Main anecdote: no longer has the Vera Bradley products so needed this boost.

SBDC Update

Economic report on Warren County (using business intelligence called Vertical IQ), from early 2025 (no data available currently b/c of shutdown)

• Job growth down 1.78% in the county, while it’s up .11% nationally

• Home prices up 8%, vs 5% nationally. Predicting these prices will go up

• Unemployment 3.7% (2.6% last year)

• Consumer debt up nationally. People are putting start-up costs on credit cards with 22-25% interest rates.

Mike is optimistic about 2026, but also realistic. 

SBA says 2024 SBA lending in Warren County was at $26,889,700. In 2025, $52,641,500 which is a huge increase. People are using this resource instead of going to friends and family. SBA loans are 10% interest. 

Shared profile from Ohio Dept of Development for 2025.

What is the interest locally in starting up? That has slowed, while mergers and acquisitions are picking up because business owners want to sell their businesses. The process is about a year long.

3-5 years more of this season of boomers aging out

Questions/Needs of Small Businesses: Manpower, money, marketing.

Joe Riegelsbarger - financing opportunity for businesses.

During training from the state treasurer's office, he learned they started the “Buckeye Business Advantage” program in October. Businesses can go through a financial institution to get a loan that is subsidized by the state and results in a very low interest rate (2.9%) - the state purchases a CD from the bank for the amount of the loan to reduce the cost of financing. Currently working with financial institutions to participate. Businesses need to be 150 people or less. 

Small Businesses Beautification Grant 

Mark believes this should be referred to the Downtown Committee and focus specifically on the Mason Mile businesses. 

Mike Stater assists the city of Lebanon in administering a grant program for this. They make it available to property owners or business owners. They have to get the work approved, then do the work, then turn in receipts to get reimbursed. They have to spend a minimum amount (Lebanon says $10,000 minimum for project).

Future of the Committee

Members agreed that we need this committee to focus on small businesses. It’s important for our economic development.