What is ReEnergize Ohio?
ReEnergize Ohio is a partnership between the State Treasurer of Ohio and eligible banks
designed to support Ohio’s small business community. It encourages economic growth by helping businesses improve their energy performance. Improving energy performance of a business can result in energy cost-savings that offset the costs of implementing the upgrades.
What business upgrades are eligible?
- Provides up to a 3% interest rate reduction on loans
- Applies the interest rate reduction on up to $550,000 of a new or existing loan for four years
- Requires that at least 50% of the loan proceeds be used for energy-efficient upgrades
Eligible energy-efficient upgrades span a wide array of products and renovations including but not limited to; lighting & system controls, heating & cooling systems, renewable energy systems, weatherization projects, as well as energy-efficient appliances, equipment and vehicles. Please contact the Treasurer’s office to find out more about eligible energy-efficient upgrades at 1-800-228-1102, option # 3.Why use ReEnergize Ohio for your small business?
Who is eligible to install business upgrades?
- ReEnergize your small business with the benefits of improved energy performance
- Realize the savings of reduced energy costs and up to a 3% interest rate reduction on your small business loan
- Revive your community by improving your facility with local contractors
- Rejuvenate your small business by consolidating debt, improving your facility and lowering overall interest expenses and monthly payouts
- Revitalize your small business by using at least 50% of your loan for energy-efficient facility modifications and equipment upgrades
You may use a contractor
of your choice, contingent on the lender’s approval. You may also install your upgrades yourself with proper documentation.How do I qualify?
Small business owners must meet the following requirements:
What is the process?
- MUST have headquarters in Ohio
- MUST have less than 150 employees
- MUST have a majority of employees be Ohio residents
- MUST maintain offices and operating facilities exclusively in Ohio
- MUST use at least 50% of the loan proceeds for qualifying energy-efficient upgrades; the other 50% can be used for other business expenses
- MUST be able to save or create jobs in Ohio
Follow these simple steps to complete your application:
- View a list of eligible banks. (Please note: Only Depository Banks are eligible to participate in our Economic Development programs, but not all Banks offer these services.)
- Apply for a small business loan at an eligible bank and establish an interest rate, or apply the ReEnergize Ohio reduction to an existing loan at an eligible bank
- Complete an easy ReEnergize Ohio application with your bank. Paper applications are also available by contacting 1-800-228-1102, option #3
- Submit either purchase receipts or a firm quote or contract from the contractor detailing improvements to be performed with the ReEnergize Ohio application
- If approved, the Ohio Treasury deposits funds at an eligible bank in an interest bearing financial instrument
- In turn, the bank uses the interest generated to provide the rate reduction