GrowNOW Program Helps Ohio’s Small Businesses

Program Enables Interest Rate Reductions

The GrowNOW Program, available through State Treasurer Josh Mandel, enables small business owners to receive up to a three percent 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. To receive the reduction, 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.

Eligible business owners must meet the following criteria:

• Save or create one full-time or two part-time jobs in Ohio for every $50,000 borrowed.
• Have headquarters in Ohio.
• Have less than 150 employees.
• A majority of employees must be Ohio residents.
• Maintain offices and operating facilities in Ohio.

For more information, go to www.grownow.ohio.gov or call 1-800-228-1102 (choose option three).