ReEnergize Ohio is a money-saving tool designed specifically for small businesses. The program helps businesses renovate existing buildings, expand their business, upgrade equipment, install energy saving products and systems. ReEnergize Ohio is a unique program in that it is based on the improvement or expansion of the business or facility rather than on employee retention or growth.
What is ReEnergize Ohio? How does it work?
ReEnergize Ohio offers up to a 3% interest rate reduction on new or existing small business loans. Small Businesses may apply the interest rate reduction on loans up to $550,000.00 for a term of four years. For more information on the application process and program requirements, please call (614) 466-6546.How does ReEnergize Ohio support small businesses?
Does my business qualify?
- ReEnergize Ohio is a gateway for small businesses to improve their energy performance
- The program revives commercial real estate and local communities by improving facilities, increasing the property value, and providing businesses with cost savings to reinvest in their communities
- The program rejuvenates small businesses by consolidating debt, improving facilities and lowering overall monthly expenses
- ReEnergize Ohio revitalizes city centers, bringing light to the dark store fronts of small towns, and employment opportunities to local communities
Small business owners must meet the following requirements:
What is the process?
- MUST be organized for profit
- MUST be headquartered in Ohio
- MUST maintain offices and operating facilities exclusively in Ohio
- MUST have fewer than 150 employees
- MUST primarily employ Ohio residents
- The business owner determines the scope of the project and obtains proposals, estimates, or receipts for the project(s).
- The business owner identifies the participating bank and loan officer they are working with to negotiate the terms of the loan. To be a participating bank, the bank must be an eligible state depository bank listed on our website to participate.
NOTE: Not every Ohio depository bank participates in this program at this time. Applicants can contact the Treasurer’s office for an updated list of participating banks in their area. Call (614) 466-6546, or email ReEnergizeOhio@tos.ohio.gov.
- The business owner and banker will complete the ReEnergize Ohio application through a user-friendly website.
- The bank then works with an Economic Development Officer in the Treasurer’s office to complete the approval process, and request funding of the borrower’s interest rate reduction.
- The business owner receives the reduced interest rate for a period of 4 years.
Paper PDF Application is available for information gathering purposes only. All applications must be completed online.