The GrowNOW program provided by the Ohio Treasurer provides a 3 percent interest rate reduction on commercial loans to businesses that meet the following criteria:
- Less than 150 employees
- Offices in Ohio
- Organized as for-profit
For every job your business creates or retains, GrowNOW will reduce your interest rate by 3% in $50,000 increments, up to $400,000 maximum. The reduction lasts for two years, with the possibility of renewal. The program can be used to finance almost anything, including refinancing debt and capital purchases.
Most banks in Ohio participate in the program, and the paperwork only takes 15 minutes to complete online. For more information, a list of participating banks, or to complete the application form, visit the GrowNOW website
here.
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