Buckeye Business Advantage Program to Launch Later This Month

Buckeye Business Advantage Program to Launch Later This Month

The program will provide reduced interest loans to small business owners across Ohio

COLUMBUS -Ohio Treasurer Robert Sprague is proud to announce a new program aimed at helping Ohio small business owners access low-cost capital. Launching later this month, Buckeye Business Advantage will offer reduced interest rate loans to Ohio businesses with 150 employees or fewer.

This program comes as part of Sprague's larger initiative to modernize the Ohio Treasurer's office and revamp successful programs like Ag-LINK to better serve Ohioans. Whether your company is just starting out or you're ready to take operations to the next level, Buckeye Business Advantage can help you achieve success with your small business.

"Our announcement of this program coincides with National Manufacturing Month because we stand ready to help your small business grow and bring production back to our state. By leveraging the state's balance sheet, we can help small businesses access capital to reinvigorate or expand their operations in Ohio," said Treasurer Sprague. "Through Buckeye Business Advantage, we're working to lay the groundwork for the state's future economic success."

Following the same "linked deposit" model used for existing programs like Ag-LINK and Ohio Homebuyer Plus, Buckeye Business Advantage offers reduced interest rates on loans to accountholders who deposit money at participating banks or credit unions.

To qualify for reduced interest rates through a Buckeye Business Advantage account, an eligible borrower must:

• Be headquartered in Ohio;
• Be at least 51% domiciled in Ohio;
• Have 150 or fewer employees, at least 51% of whom are residents of Ohio;
• Be organized for profit;
• Use the loan exclusively for business purposes; and
• Agree to comply with all program and financial institution requirements.

Small business applicants will work with a participating bank or credit union to apply for a loan through Buckeye Business Advantage. The Ohio Treasurer's office will then review the application, and if all eligibility criteria are met, the application is approved. Once the application is approved, the Ohio Treasurer's office will deposit funds with the financial institution at a below-market interest rate. The financial institution will then reduce the small business borrower's loan interest rate in conjunction with the offsetting deposit by the Ohio Treasurer's office.

The program will go live later this month and a list of participating financial institutions will be updated on the Ohio Treasurer's website on a go forward basis as financial institutions join the program.

Small business owners interested in learning more about the Buckeye Business Advantage program should visit https://www.ohiotreasurer.gov/buckeyebusinessadvantage for additional information.

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