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GrowNOW


small business info
  banker info
 
 
frequently asked questions

   

At the Ohio Treasury, we understand that small businesses play an important role in creating jobs for Ohioans. We also know that one of the most challenging parts of running a small business is financing it.

Grow your small businessDuring the past two years, the Ohio Treasury’s GrowNOW program has invested more than $232 million in low-cost financing for Ohio small businesses in 81 of the state’s 88 counties. Since January 2010, GrowNOW participants have received rate reductions on $150 million worth of small business loans and have helped to create or retain more than 6,000 jobs in Ohio.  

What is GrowNOW?

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

How is the GrowNOW rate reduction determined?

The GrowNOW interest rate reduction will be based on the loan’s interest rate set for each borrower by the bank.  If the interest rate is above 5%, the reduction will be 3%.  If the interest rate is 5% or below, the reduction will be 2.1%.

What is the goal for GrowNOW?

GrowNOW makes borrowing more affordable for Ohio’s small businesses, enabling them to remain financially stable, hire additional employees or retain their workforce and become more productive.
 
What are the benefits of GrowNOW?

The benefits of GrowNOW are three-fold:
  • The Treasury strategically invests a portion of its portfolio in local economies
  • Banks form critical partnerships with local businesses
  • Small businesses grow jobs in Ohio’s communities.
Does my business qualify?

Eligible business owners must meet the following criteria:
  1. Must have less than 150 employees
  2. Must have headquarters in Ohio
  3. Must maintain offices and operating facilities in Ohio
  4. Must have a majority of employees be Ohio residents
  5. Must be organized for profit
  6. 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 Veteran’s Preference Program. If you are a veteran or a spouse of a veteran, please click here for more information.

What is the process?
  1. 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.)
  2. Apply for a small business loan at an eligible bank and establish an interest rate.
  3. Complete an easy GrowNOW online application with your bank.  Paper applications are also available.
  4. If approved, the Ohio Treasury places an investment with your bank at a below market-value interest rate.
  5. The bank agrees to pass along the interest savings to you through up to a 3% reduction on your small business loan.
Upon submission of your completed application, the Ohio Treasury's Department of Economic Development typically determines eligibility within 2-3 business days.

Final Steps: Compliance Questionnaire

One year into the program, participating small businesses are required to complete a brief compliance questionnaire to update the Treasury on their progress and capacity to create or save jobs. Compliance Questionnaire can be completed here.
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Describe Yourself (check all that apply)

Office Of Debt Mgmt

The Office of Debt Management plays an important role in the operation of state government: it oversees the borrowing of funds to assure it is completed in an efficient manner.
    

SaveNOW

SaveNOW, a program offered by the State Treasurer through our linked deposit authority, offers a 3% bonus interest on savings accounts for Ohio citizens.
    

Smart Money Choices

A free personal financial-planning conference series for all Ohioans presented by State Treasurer Josh Mandel, and supported by a variety of statewide and regional partners.
    

Top-Bottom Review 2011

Review Outlines Steps to Improve Operations, Safeguard Investments, Leverage Technology, Increase Transparency and Modernize Banking Practices
    

e-Funds Transfer

Electronic Funds Transfers makes tax payments easy. Entities that have received a notice from the Ohio Department of Taxation can register for electronic payment via the website.
    

Veteran's Preference

Veteran’s Preference provides veterans with priority to be accepted into the GrowNOW and Ag-LINK linked-deposit programs.
    

GrowNOW

A partnership between eligible banks and the Ohio Treasury, enables small business owners to receive a 3% interest rate reduction on small business loans for two years with the opportunity for renewal
    

Renew & Rebuild Ohio

Small business owners, farmers and homeowners are eligible to receive financial assistance to rebuild and recover following an emergency.
    

Ag-LINK

A program for farms to receive an interest rate reduction on new or existing loans or lines of credit up to $150,000. Applications are accepted on an annual basis from January through March.
    

CPIM

The Center for Public Investment Management (CPIM) provides continuing education to Ohio’s public funds managers and their oversight authorities.
    

CPIM Conference: Bowling

The CPIM (Center for Public Funds Managers) Academy allows public funds managers to increase their financial competencies in managing and safeguarding Ohio’s tax dollars.
    

CPIM Akron

The CPIM (Center for Public Funds Managers) Academy allows public funds managers to increase their financial competencies in managing and safeguarding Ohio’s tax dollars.
    

CPIM Dayton

The CPIM (Center for Public Funds Managers) Academy allows public funds managers to increase their financial competencies in managing and safeguarding Ohio’s tax dollars.
    

CPIM Columbus

The CPIM (Center for Public Funds Managers) Academy allows public funds managers to increase their financial competencies in managing and safeguarding Ohio’s tax dollars.
    

ECO-Link

A partnership between the State Treasurer and participating banks that provides a 3% interest rate reduction for 5 or 7 years on bank loans when completing energy-efficient upgrades to your home.