The Economic Development Department has the ability to invest up to 12% of the state's investment portfolio in special projects that support job growth, promote financial stability, and assist the operations of Ohio's farmers. To fund such programs, the Treasury places deposits with approved Ohio banks at reduced rates. The state agrees to earn lower rates when participating banks partner with the Treasury to offer loans that promote economic development in Ohio.
Economic Development administers the following Treasury programs:
Small businesses seeking to create or retain jobs in Ohio can receive up to a 3% interest rate reduction on new or existing small business loans.
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businesses can receive up to a 3% interest rate reduction on new or
existing small business loans when used for energy-efficient upgrades.
Ohio farmers can receive an interest rate reduction to help offset the upfront costs of their farming operations.
Ohio farmers in the Western Lake Erie Basin can receive an interest rate reduction to help offset the upfront costs of natural fertilizer application solutions.
Homeowners can receive a 3% interest rate reduction on bank loans to finance energy efficient upgrades.
Ohio Treasurer Robert Sprague’s Family Forward initiative aims to ease the financial burden placed on families seeking to adopt.