From Judy Gilleland - City Manager
We recently commented on the new InvestOhio program that is being rolled out to encourage investment in Ohio’s businesses. The Economic Development Department of the Ohio Treasurer’s Department also offers programs that support Ohio’s businesses and residents.
These can be found at http://tos.ohio.gov/Economic_Development
The Grownow Program is a short-term interest-rate subsidy option offered through the Ohio State Treasurer. The program enables small business owners to receive a 3% 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. 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.
In an effort to help residents save money and become more energy efficient, State Treasurer Josh Mandel is sponsoring the Energy Conservation for Ohioans (ECO-Link) program. This program provides reduced-rate financing through partnering banks for Ohioans completing energy-efficient improvements in their homes. Homeowners receive a 3% interest-rate reduction on qualifying loans for 5 or 7 years. Weatherization projects may reduce energy bills while adding value and comfort to your home. Many home improvements are also eligible for federal tax credits and rebates, as well as utility companies’ incentive programs, which add to your potential savings.
SaveNOW is a higher interest savings account, which rewards savers with a 3% interest rate bonus. The Ohio Treasury is partnering with participating banks to offer Ohioans interest-earning savings accounts. Each applicant who opens a SaveNOW account receives a welcome letter from the Ohio Treasury and three financial education newsletters during a 12-month period. Ten months after opening an account, the participant will receive a financial literacy assessment survey. The survey must be completed in order to receive the bonus. The saver will receive a 3% interest rate bonus on the account’s average daily balance. This bonus will be given in the 13th month after opening an account.
