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GrowNOW is a program provided by the State Treasurer's office for small business owners. Small businesses that can commit to creating or retaining jobs in Ohio can receive a two-year, 3% interest rate reduction on new or existing loans.

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Workforce Development Loan Program

INSTITUTIONS APPLY HERE
(Ohio Department of Higher Education RFP document)

STUDENTS APPLY HERE
(Portal for students enrolled in approved program to apply for loans)

PROMISSORY NOTE HERE



What is the Workforce Development Loan Program?
Ohio’s Workforce Development Loan Program (“WDLP”) makes loans to students enrolled in programs at institutions of higher learning and career/vocational schools.  WDLP promotes and encourages growth through educational training and retraining in programs related to employment opportunities in growing fields. 

Who is eligible?
Most Ohio institutions of higher learning are eligible to apply for the loan program. 
  • Universities 
  • Community Colleges
  • Career Technical Centers
  • Joint Vocational School Districts
  • Private Career Schools
  • Non-profit Academic Institutions
How much money can my institution receive in loans?
Each program, at each school, can receive up to $100,000 in loans.  Each school can apply for up to five programs. (Maximum an institution can receive is $500,000)

ex: Community College A currently has five different programs enrolled at $100,000 each = $500,000 total

Is there a minimum/maximum loan that a student can receive?
Students can receive loans ranging from $1,000 to $10,000. 

How do I get started?
You can easily apply to qualify for WDLP funds:
  1. Download the Request for Proposal (“RFP”)
  2. Submit a response to the RFP
  3. Once approved, the Treasurer of State will work with you to allow students to apply for loans
Where can I find the RFP?
The RFP is located on the Ohio Department of Higher Education website at: www.ohiohighered.org/wfif 

Is there a deadline to submit a response to the RFP?
No, the RFP is rolling.  Any institution can apply at any time. 

Which students are eligible for loans?
Any student is eligible, but must fit the following criteria:
  1. Ohio resident
  2. Enrolled in qualified program
  3. Not currently in default of any student loans
What are the benefits?

For the School:
  • Funds are available for significant program expansion
  • Allows institutions to fund their specialized programs when no Title IV aid is available
  • Possibly the only source of funding for students 
in certain programs.
  • Apply for up to five programs per institution, each program can qualify for up to $100,000 in funding
For the Student:
Interest-free while enrolled and for first 
six-months after program completion 
  • Interest free whie enrolled and for first six-months after program completion
  • Low interest rate of 4% annually
  • Flexible funding for students in certificate 
programs that only last 4-12 weeks
  • Loans available for training in high-demand fields
  • No credit check required

We’re happy to answer any questions you may have, please contact:

RFP QUESTIONS?
Contact the Ohio Department of Higher Education
John Magill
614-752-9530
jmagill@highered.ohio.gov


PROGRAM QUESTIONS? 
Contact the Ohio Treasurer's office
Michael Fracassa
614-466-7753
michael.fracassa@tos.ohio.gov
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