State Loan Programs
The following programs are administered by the State Treasurer of Ohio:
GROWNOW
In partnership with Ohio's state depository banks, The Ohio Treasury offers small business owners a 3% interest rate reduction when they link their loans to creating or retaining jobs in Ohio. Here's how it works. When a business takes out a loan with an eligible bank, GrowNOW can provide a 3% interest rate reduction on the loan. Essentially, the Treasury places a deposit at the business' bank at a reduced rate which allows the bank to pass along the savings to the small business. GrowNOW makes borrowing affordable for Ohio’s small businesses. GrowNOW enables businesses to remain financially stable, hire additional employees or retain their workforce, and become more productive. Visit GrowNOW's website for for information or view the GrowNow brochure on this PDF.
Ag-LINK
Through Ag-LINK, Ohio farmers can apply for an interest rate reduction on new or existing loans or lines of credit up to $100,000. Applications are accepted on an annual basis from January through March. Lenders must complete and submit applications online on behalf of their borrowers at www.aglink.ohio.gov. If an eligible farmer’s application is accepted, the Ohio Treasurer’s office places an investment with the financial institution for one year. In turn, the lender lowers the interest rate on the farmer’s loan according to the rate reduction established annually by the Treasurer’s office.Visit Ag-LINK’s website for information or view the Ag-LINK brochure on this PDF.
ReEnergizeOhio
Through ReEnergizeOhio, small businesses have an opportunity to explore improving energy efficiency and save money. Through a partnership between the State Treasuer and eligible banks, the program offers up to a 3% interest rate reduction on small business loans, and requires that at least 50% of the loan proceeds be used for energy-efficient upgrades. Visit ReEnergizeOhio’s website for information or view the ReEnergizeOhio brochure on this PDF.
SaveNOW
SaveNOWis accomplished through a partnership between the Ohio Treasury and participating banks to offer Ohioans a linked deposit program, which offers an opportunity to build a savings safety net through an annual 3% interest-rate bonus on eligible savings accounts for up to two consecutive years. Persons enrolled in SaveNOW will receive an annual 3% interest-rate bonus on the account’s average daily balance of up to $5,000, for up to a two year time period.Visit SaveNOW’s website for more information.
Renew Ohio & Rebuild Ohio-2012
Renew & Rebuild Ohio programs are for Ohioans whose businesses, farms, and homes were damages by severe weather this year. Ohioans who suffered severe damage or loss as a result of severe weather are elegible for an interest rate reduction on new or existing loans at eligible banks. The Renew Ohio and Rebuild Ohio programs are allocated $25 million through the Ohio Treasury's linked deposit programs. You may visit this website for more information.
The following programs are administered through the Ohio Development Services Agency:
THE 166 Regional Loan Program
A State funded loan pool that can fund up to 40% of the total cost of a business expansion project, at fixed, below market interest rates with lower down payment requirements. The 166 Regional Loan Program is primarily for healthy, established small businesses, although start-up projects may be eligible. Approval process consists of an OSDC Board of Directors review with final approval being issued by the Ohio Department of Development. A participating lender usually provides interim financing for the 166 portion of the project. To read more on this loan, view the PDF or visit this website.
166 Direct Loan
A loan administered by the Office of Financial Incentives for up to 30% of a project's costs or $1 million (the lesser thereof). The remainder of the financing must be through a combination of private financing and at least 10% owner equity. Allowable costs include the acquisition of machinery and equipment, building or land acquisition, and building construction. The interest rate is not to exceed 2/3 of the prime rate and terms range from 7-10 years for the acquisition of machinery and equipment and 10-15 years for real estate. For more information about this loan, view this PDF or visit this website.
The Innovation Ohio Loan Fund (IOF Loan)
The IOF Loan offers assistance to existing Ohio companies falling in the targeted industry sectors of: Advanced Materials, Power and Propulsion, Biosciences, Information Technology, and Instruments, Controls and Electronics. The Loan provides competitive financing terms on loans used to supply capital to companies having difficulty securing funds from conventional sources due to technical and commercial risk factors associated with the development of a new product or service. For more information about this loan fund, view this PDF or visit this website.
Ohio Capital Access Program (OCAP)
The OCAP works with state depository institutions to make loans to for-profit or nonprofit small businesses who have trouble securing financing through conventional means. The program establishes a loan “guarantee” reserve pool through the lending institution. The State, Lender, and Borrower each pat a small fee into the pool, and with each loan that reserve pool at the lending institution grows. For more information about this program, view this PDF or visit this website.
Ohio Water Development Authority – Local Economic Development Fund:
Low-interest financing is available to communities for public water and sanitary sewer improvements. Loans are made directly to local communities on favorable interest rates and terms. For more information visit this website.
Ohio Enterprise Bond Fund
Ohio Enterprise Bond Fund provides revenue bond financing through this S&P AA- (double A-minus) rated fund, whereby proceeds from the sale of bonds is loaned to companies for fixed rate, long-term capital asset financing. Rates are fixed depending on the type of bond issued, with terms between seven to ten years for equipment and 15 to 20 years for real estate. Up to $10 million in financing is available through this program. Guidelines of this program are available via this PDFor visit this website. 
Research & Development Investment Loan Fund Program
Research & Development Investment Loan Fund Program provides loans commitment to research and development activities. To view the program summary click on this
PDF or visit this
website.
Ohio Minority Business Direct Loan Program
The Ohio Minority Business Direct Loan Program provides fixed, low-interest rate loans to certified minority-owned businesses that are purchasing or improving fixed assets and creating or retaining jobs. The loans can be used to finance up to 60 percent of the project value and require participation by another lender. Visit the program’s website for more information.
Ohio Minority Business Bonding Program
The Minority Business Bonding Program provides bid, performance, and payment surety bonds to state certified minority-owned businesses that are unable to obtain bonding through standard surety companies.Visit the program’s website for more information.
Brownfield Revolving Loan Fund
The Brownfield Revolving Loan Fund capitalized by a grant from the U.S. Environmental Protection Agency, offers below market rate loans to assist with the remediation of a brownfield property to return the property to a productive economic use in the community. Click here for more information on this program.