GrowNOW provides up to a 3% interest rate reduction on new or existing small business loans when the small business can commit to creating or retaining jobs in the State of Ohio. The program can reduce the interest rate on up to $400,000 of your small business loan for two years. Qualifying businesses agree to create or retain one full-time job or two part-time jobs for every $50,000 borrowed.How is the GrowNOW rate reduction determined?
The GrowNOW interest rate reduction of up to 3% is calculated by the Ohio Treasury using current market investment indicators, and the negotiated business loan rate. As of 6/7/2019 the linked deposit and business loan discount rates will match. For more details about this discount rate model please contact our office.What are the steps?1. Find out if you’re eligible.
Eligible business owners must meet the following criteria:
- Must have less than 150 employees
- Must have headquarters in Ohio
- Must maintain offices and operating facilities exclusively 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 Veterans’ Preference Program.2. Obtain a loan
. To process your GrowNOW interest rate reduction, you must first secure a small business loan at an eligible bank.3. Complete the online borrower application
after you obtain the loan terms (you do not have to close on the loan in advance, but banker must have the loan terms ready to enter on the Lender application), to obtain a GrowNOW interest rate reduction. It will take you about 15 to 20 minutes to complete the application. Here is a PDF application that you can download for information gathering only
. The banker must complete a secondary application before the Ohio Treasurer’s office can process your application for approval.