At the Ohio Treasury, we understand that small businesses play an important role in creating jobs for Ohioans, and to promote business-to-business commerce that builds Ohio economy. The cost of energy to run a small business can be significant. ReEnergize Ohio provides a possible money-saving tool for small businesses looking to make energy-efficient upgrades that can improve their energy performance.
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 up to $550,000 of a new or existing loan for four years. For more information on the application process and program requirements, please call 800-228-1102.How does ReEnergize Ohio support small businesses?
What are the Benefits of ReEnergize Ohio?
- ReEnergize small businesses with the benefits of improved energy performance
- Realize the savings of reduced energy costs and up to a 3% interest rate reduction on small business loans
- Revive communities by improving facilities using local contractors
- Rejuvenate small businesses by consolidating debt, improving facilities and lowering overall interest expenses and monthly payouts
- Revitalize small businesses by using 50% of loan proceeds for energy-efficient facility modifications and equipment upgrades
The benefits of ReEnergize are three-fold:
Does my business qualify?
It encourages economic growth by helping businesses improve their energy performance
- Banks form critical partnerships with local businesses
- The Treasury strategically invests a portion of its portfolio in local economies
Small business owners must meet the following requirements:
What is the process?
- MUST have headquarters in Ohio
- MUST have less than 150 employees
- MUST have a majority of employees be Ohio residents
- MUST maintain offices and operating facilities exclusively in Ohio
- View a list of eligible banks (Please note: Only Depository Banks are eligible to participate in Ohio Treasury Economic Development programs, but not all eligible banks participate. Contact this office at 800-228-1102 if your current bank is unable to participate with you, and we can provide alternate participating banks in your area).
- Apply for a small business loan at the identified participating bank and establish an interest rate, or apply the ReEnergize Ohio reduction to an existing loan.
- Complete an online ReEnergize Ohio application with your bank. Paper applications can be used to gather your information in advance of online entry.
- Attach electronic files of either purchase receipts, a firm quote, or contract from the contractor detailing improvements to be performed. Alternatively, the documents can be faxed to this office at 614-485-6950.
- If the application meets all program requirements, it will be approved. The Ohio Treasury then deposits funds at the participating bank in an interest bearing financial instrument.
- In turn, the bank uses the interest generated to provide the four year rate reduction.