MDNews - Cleveland-Akron-Canton

++++++++++++++++++++++++ + + ++++++++++++++++++++++++ MONEY MATTERS  +++ +++ Ohio GrowNow O Can Save Business Owners up to $24,000 By Kurt Lutz NE OF THE most challenging parts of running a small business is financing it. Since small busi- nesses play an important role in creating jobs for Ohioans, here is a cost-saving solution worth sharing. Over the last four years, the Ohio Treasury’s GrowNOW program has provided rate enhancements for Ohio small businesses in order to stimulate job growth/retention and capital investment. Since January 2009, GrowNOW rate enhancements have been applied to $235.5 million loans and helped create or retain nearly 10,000 Ohio jobs. How the Program Works When a business takes out a loan with an eligible bank, GrowNOW can provide a 3% interest rate reduction on the loan for a two year period. The rate reduction applies to the first $400,000 (larger amounts are acceptable with a blended rate). The job creation or reten- tion for the two year period is calculated using $50,000/job or 8 jobs created or retained. Loans can be for expansion or consolidation of existing loans and are underwritten by the lending institution. GrowNOW has no charges or fees to the borrowers. Eligibility requirements include + Business has fewer than 150 employees + Business is organized for profit + Offices and operating facilities are in Ohio + Borrowing entity is the same entity creat- ing/saving jobs. How to Take Advantage of The Ohio GrowNow Program You must have a new or existing small busi- ness term loan at an eligible bank. Contact your bank to see if they are an eligible bank and if they participate in the Ohio GrowNow program. If they do participate, you can apply online for a GrowNOW interest rate reduc- tion. It will take approximately 15 minutes to complete the application. After completing the borrower’s portion of the application, your lending institution must complete the accompanying lender portion. Upon completion, eligibility is typically determined within two to three business days. To learn more about Ohio’s GrowNOW Prog ram, vi s i t www.g rownow.ohio.gov/ Kurt Lutz is a Vice President and Commercial Loan Officer at Westfield Bank’s Akron office and a proud partner of the Ohio GrowNOW program. n

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