We know that one of the most challenging parts of running a small business is financing it. We also know that small businesses play an important role in creating jobs for Ohioans.
During the past two years the Ohio Treasury’s GrowNOW program has invested more than $355 million in low-cost financing for Ohio small businesses in 86 of the state’s 88 counties. GrowNOW investment loans in fiscal year 2009 alone created or retained an estimated 9,000 jobs.
> Apply now
> Compliance questionnaire
What is GrowNOW?
In partnership with Ohio's state depository banks, The Ohio Treasury offers small business owners a 3% interest rate reduction when they link their loans to creating or retaining jobs in Ohio. Here’s how it works. When a business takes out a loan with an eligible bank, GrowNOW can provide a 3% interest rate reduction on the loan. Essentially, the Treasury places a deposit at the business' bank at a 3% interest rate reduction on the loan.
Goal
GrowNOW makes borrowing affordable for Ohio’s small businesses. GrowNOW enables businesses to remain financially stable, hire additional employees or retain their workforce, and become more productive.
How it helps
The benefits of GrowNOW are three-fold:
• The Treasury strategically invests a portion of its portfolio in local economies,
• Banks form critical partnerships with local businesses,
• Small businesses grow jobs in Ohio communities.
Eligibility
A business eligible for a GrownNOW must meet the following criteria:
• Fewer than 150 employees;
• A majority of employees must be Ohio residents;
• The business must be organized for profit;
• The operating facilities must be in Ohio. The Ohio Treasury gives approval preference to businesses owned by a veteran or the spouse of a veteran.
Get a loan
The next step for a business is to get a loan. To process your GrowNow interest rate reduction, you must have a new or existing small business loan at an eligible bank.
Complete the application.
Once you secure the loan, apply online for a GrowNOW interest rate reduction. It will take 15 minutes to complete the application. After completing the borrower’s portion of the application, your lending institution must complete the accompanying lender portion. Upon completion, the Ohio Treasury's Department of Economic Development typically determines eligibility within 2-3 business days.
Final steps: Small business survey and compliance questionnaire
The information gathered by the small business survey helps Treasurer Boyce and his staff report on the demographic distribution of GrowNOW loans to the Ohio General Assembly. It will also improve marketing strategies to ensure equitable access to the program. Completion of the survey is voluntary and will not affect your participation in any Treasury initiative. > Small business survey
The required compliance questionnaire asks GrowNOW participants to answer a few questions about their loans. The questionnaire gathers participant data and serves as a report on the GrowNOW program. Take the compliance questionnaire.
Important Links
> Apply for a GrowNOW loan
> Download the GrowNOW brochure
> Banker's-only log-in
> Information on GrowNOW for banks
> Take the survey
> Complete the compliance questionnaire