Ohio's GrowNow Program

Westfield Bank is proud to be a partner in the Ohio GrowNOW Program. During the past two years the Ohio Treasury’s GrowNOW program has invested more than $355 million in low-cost financing for Ohio small businesses in 86 of the state’s 88 counties. GrowNOW investment loans since January 2009 totaled $235.5 million and helped to create or retain nearly 10,000 jobs.

In partnership with Ohio's state depository banks, like Westfield Bank, The Ohio Treasury offers small business owners the ability to save up to $24,000 over two years 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 if certain qualifications are met. Essentially, the Treasury places a deposit at the business' bank at below market rates. In return, the bank provides an interest rate reduction on the business’ loan.

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.

How it helps
The benefits of GrowNOW are three-fold:

• The Treasury strategically invests a portion of its portfolio in local economies
• Banks form critical partnerships with local businesses
• Small businesses grow jobs in Ohio communities

Eligibility
A business eligible for a GrownNOW must meet the following criteria:

• Fewer than 150 employees
• A majority of employees must be Ohio residents
• The business must be organized for profit
• The operating facilities must be in Ohio. The Ohio Treasury gives approval preference to businesses owned by a veteran or the spouse of a veteran.

Obtain your Loan

The next step for a business is to get a loan. To process your GrowNOW interest rate reduction, you must have a new or existing small business loan at an eligible bank. Westfield Bank is proud to be an Ohio GrowNOW strategic partner.

Complete the application

Once you secure the loan, apply online for a GrowNOW interest rate reduction. 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, the Ohio Treasury's Department of Economic Development typically determines eligibility within 2-3 business days.

Final steps: Small business survey and compliance questionnaire

The information gathered by the small business survey helps the Treasurer and his or her staff report on the demographic distribution of GrowNOW loans to the Ohio General Assembly. It will also improve marketing strategies to ensure equitable access to the program. Completion of the survey is voluntary and will not affect your participation in any Treasury initiative.

The required compliance questionnaire asks GrowNOW participants to answer a few questions about their loans. The questionnaire gathers participant data and serves as a report on the GrowNOW program. For more information on Ohio’s GrowNOW Program, click here.

Have more questions about the Ohio’s GrowNOW Program?

Click here to contact a Westfield Bank Commercial Lending Advisor.