We know that one of the most challenging parts of running a small business is financing it. We also know that small businesses play an important role in creating jobs for Ohioans. That’s why we’re investing in them through GrowNOW.
Through GrowNOW, the Treasury has over $350 million invested in low-cost financing for small businesses that creates and retains jobs in our state. When a business takes out a loan with an eligible bank, GrowNOW can provide a 3% interest rate reduction on their loan. To fund the program, the Treasury places a deposit with the business' bank at a 3% interest rate reduction on their loan.
In partnership with eligible Ohio banks, we offer small business owners a three percent interest rate reduction when they link their loans to a job growth or retention effort in Ohio.
We make borrowing affordable so Ohio’s small businesses remain financially stable, especially as they hire additional employees and work through critical growth periods.
The benefits of GrowNOW are three-fold:
- We’re able to invest a portion of the Treasurer’s portfolio in local economies
- Banks form critical partnerships with local businesses
- Small businesses grow jobs in Ohio communities
1. Find out if you’re eligible. Your business must meet the following criteria:
- Less than 150 employees
- Have offices in Ohio
- Must be organized for-profit
GrowNOW also gives approval preference to Ohio's veterans and their spouses through the Veterans Preference Program.
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.