At the Ohio Treasury, we understand that small businesses play an important role in creating jobs for Ohioans. We also know that one of the most challenging parts of running a small business is financing it.
GrowNOW is a partnership between eligible banks and the Ohio Treasury. The program enables small business owners to receive up to a 3% interest rate reduction on new or existing small business loans for two years with the opportunity for renewal. Small business owners must commit to the creation or retention of at least one full-time job or two part-time jobs in the State of Ohio for every $50,000 borrowed, up to $400,000. GrowNOW broadly serves as a catalyst for Ohio’s economic development by supporting the small businesses that drive it.How is the GrowNOW rate reduction determined?
The GrowNOW interest rate reduction will be based on the loan’s interest rate set for each borrower by the bank. If the interest rate is above 5%, the reduction will be 3%. If the interest rate is 5% or below, the reduction will be 2.1%.What is the goal for GrowNOW?
GrowNOW makes borrowing more affordable for Ohio’s small businesses, enabling them to remain financially stable, hire additional employees or retain their workforce and become more productive. What are the benefits of GrowNOW?
The benefits of GrowNOW are three-fold:
Does my business qualify?
- 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’s communities.
Eligible business owners must meet the following criteria:
- Have less than 150 employees
- Have headquarters in Ohio
- Maintain majority of offices and operating facilities in Ohio
- Must have a majority of employees be Ohio residents
- Must be organized for profit
- Must be able to save or create one full-time or two part-time jobs in Ohio for every $50,000 borrowed
GrowNOW gives approval preference to veterans through the Veteran’s Preference Program. If you are a veteran or a spouse of a veteran, please click here for more information.What is the process?
Follow these simple steps to complete your application:
- 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 if your current bank is unable to participate with you, we can provide alternate participating banks in your area by contacting 800-228-1102)
- Apply for a small business loan at the identified participating bank and establish an interest rate, or apply the GrowNOW reduction to an existing loan
- Complete an online GrowNOW 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 Or fax copies of same 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
Upon submission of your completed application, the Ohio Treasury's Department of Economic Development typically determines eligibility within 5 business days.