State of Ohio Treasures's Programs for Small Businesses

Sep 17, 2011

At the Ohio State Treasurer’s office, the Economic Development Department is authorized to invest up to 12% of the state’s investment portfolio into linked deposit programs. For small businesses, these programs focus on strategic investments that target the creation and retention of jobs and offer bonus interest rates on savings accounts

One of these programs is GrowNOW, which enables small business owners to receive a 3% interest rate reduction on new or existing small business loans for two years with the opportunity for renewal. The program is a partnership between eligible banks and the Ohio Treasury. 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.

Interested or have questions about these programs? Follow this link  http://www.tos.ohio.gov/grownow or contact Marcie Longnecker at Marcie.Longenecker@tos.ohio.gov.