Grow your small business

Thriving businesses are the heart of Ohio's economy and are critical for the state’s prosperity. However, one of the biggest challenges small business owners face is financing.

GrowNOW helps small businesses get started and expand by providing up to a 3% interest rate reduction on new or existing small business loans up to $400,000 for two years, with the opportunity for renewal.

Businesses must commit to creating or retaining at least one full-time or two part-time jobs in the state of Ohio for every $50,000 borrowed.

  • Eligible businesses: 
    • MUST be organized for profit;
    • MUST have headquarters in Ohio;
    • MUST operate majority of facilities in Ohio;
    • MUST have less than 150 employees;
    • Majority of employees MUST be Ohio residents; and
    • MUST be able to create or retain one full-time or two part-time jobs in Ohio for every $50,000 borrowed.


  • After the online GrowNOW application is submitted and the loan officer confirms the terms of the loan, the Ohio Treasurer’s office begins the review process.
  • If the business meets all eligibility criteria, the application is approved and notifications are sent to alert the owner and financial institution.
  • Upon request from the financial institution, the Ohio Treasurer’s office will purchase an investment for the same amount as the approved loan at a below-market rate.
  • The financial institution uses the interest generated to offset the loan interest rate reduction to pass savings onto the borrower.


  • Click here to view a list of eligible financial institutions.
  • Apply for a business loan at a participating financial institution.
  • After loan terms are determined, both the owner and loan officer complete online applications
    PDF application for reference only)
  • For more information on GrowNOW, contact us by phone at 1-800-228-1102, or by email at [email protected].