The program, which is run through the Ohio Treasurer, provides reduced rate loans to businesses that use the funds to create new, full-time jobs. One full-time equivalent job must be created or saved for every $50,000 requested. A maximum of $400,000 may be requested.
The loan is a two-year loan with a possible two-year renewal if all requirements are met and the program is still active. Both new and refinanced loans are eligible for the program.
The way the program works is that the Ohio Treasurer purchases a certificate of deposit at a reduced rate for a set period of time with the lending institution that is willing to pass that savings along to a small business customer who is trying to create or retain jobs. The state is still earning interest on its money, but it is also leveraging its resources in local economies to help create jobs.
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