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GrowNOW is a program provided by the State Treasurer's office for small business owners. Small businesses that can commit to creating or retaining jobs in Ohio can receive a two-year, 3% interest rate reduction on new or existing loans.

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Lenders

How Does ECO-Link Work?

The Treasury invests money at a financial institution, in the form of a certificate of deposit or another financial instrument. The Treasury then agrees to take a lower rate of return on our investment.  The lender then agrees to pass along up to 3% interest rate reduction to the homeowner. With this model, the state earns a minimal interest on the linked deposit interim funds while leveraging resources in local communities to boost home value and job creation.   

Ohio residents who are a homeowner or proprietor of an eligible residential classification completing energy-efficient improvements can participate in ECO-Link.

The lending institution will use its usual internal lending standards and guidelines to determine the credit worthiness of the potential borrower.  The term and size of the loan is solely decided on by the lender.  The Treasury can provide the rate reduction for up to seven years on loans up to $50,000.  The option of a seven year rate reduction can only be applied if the loan is for more than $25,000. The rate reduction cannot be renewed.


How does ECO-Link benefit lenders?
  • ECO-Link increases the amount the financial institution has available to loan
  • ECO-Link participation can count towards the lender’s Community Reinvestment Act (CRA) dollars
  • ECO-Link brings an additional deposit to the financial institution
  • ECO-Link serves as a great marketing tool to attract new and already existing customers
  • ECO-Link is easy to use and cost efficient
In order to participate, the lending institution must be a state depository bank.  If you would like participate but are not yet a depository bank, please click here to learn how.

Who can install Energy-Efficient Products?
Homeowners. You may install the upgrades yourself with proper documentation.  If this is the case, the State Treasurer’s office requires copies of all receipts pertaining to the approved project.  When applying to the ECO-Link program, all the receipts will need to be turned in with the completed application.
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