GrowNOW provides Ohio small businesses with a 3 percent interest rate reduction on bank loans when they’re creating or retaining jobs.

For every job your business creates or retains, GrowNOW will reduce your interest rate by 3 percent in $50,000 increments, up to $400,000 maximum.

Three percent off of a $400,000 loan could mean an extra $24,000 in your pocket over the next two years.

1. Find out if you’re eligible. Your business must meet the following criteria:

• Less than 150 employees
• Offices in Ohio
• Organized for-profit

GrowNOW gives approval preference to Veterans through the Veterans Preference Program. If you’re a veteran or a spouse of a veteran, click here to find more information.

2. Get a loan. The next step is to get a loan. To process your GrowNOW interest rate reduction, you must first secure a small business loan at an eligible bank.

3. Complete the application. After you get a loan, come back to www.grownow.ohio.gov and apply online for your GrowNOW interest rate reduction. It’ll take you 15 minutes to get through the application, and there will be a portion at the end for your banker to sign off on, too.