At the Ohio Treasury, we understand that small businesses play an important role in creating jobs for Ohioans. The cost of energy to run a small business can be significant. ReEnergize Ohio provides a possible money-saving tool for small businesses looking to make energy-efficient upgrades that can improve their energy performance.
What is ReEnergize Ohio? How does it work?
ReEnergize Ohio offers up to a 3% interest rate reduction on new or existing small business loans. Small Businesses may apply the interest rate reduction on up to $550,000 of a new or existing loan for four years. For more information on the application process and program requirements, please call 1-800-228-1102, option #3.
How Does ReEnergize Ohio support small businesses?
- ReEnergize small businesses with the benefits of improved energy performance
- Realize the savings of reduced energy costs and up to a 3% interest rate reduction on small business loans
- Revive communities by improving facilities using local contractors
- Rejuvenate small businesses by consolidating debt, improving facilities and lowering overall interest expenses and monthly payouts
- Revitalize small businesses by using at least 50% of loan proceeds for energy-efficient facility modifications and equipment upgrades
What are the Benefits of ReEnergize Ohio?
The benefits of ReEnergize are three-fold:
Does my business qualify?
- It encourages economic growth by helping businesses improve their energy performance
- Banks form critical partnerships with local businesses
- The Treasury strategically invests a portion of its portfolio in local economies
Small business owners must meet the following requirements:
What is the process?
- MUST have headquarters in Ohio
- MUST have less than 150 employees
- MUST have a majority of employees be Ohio residents
- MUST maintain offices and operating facilities exclusively in Ohio
- MUST use at least 50% of the loan proceeds for qualifying energy-efficient upgrades; the other 50% can be used for other business expenses
- MUST be able to save or create jobs in Ohio
Follow these simple steps to complete your application:
- View a list of eligible banks (Please note: Only Depository Banks are eligible to participate in our Economic Development programs, but not all Banks offer these services.)
- Apply for a small business loan at an eligible bank and establish an interest rate, or apply the ReEnergize Ohio reduction to an existing loan at an eligible bank
- Complete an easy ReEnergize Ohio application with your bank. Paper applications are also available by contacting 1-800-228-1102, option #3
- Submit purchase receipts, firm quote, or contract from the contractor detailing improvements to be performed with the ReEnergize Ohio application
- If approved, the Ohio Treasury deposits funds at an eligible bank in an interest bearing financial instrument
- In turn, the bank uses the interest generated to provide the rate reduction