What is ReEnergize Ohio?ReEnergize Ohio is a partnership between the Ohio Treasurer of State and local banks to provide reduced rate financing to small business improvement projects. The program enables Ohio businesses to receive up to a 3% interest rate reduction on bank loans for up to four years, with no option for renewal. The maximum loan amount the interest rate reduction can be applied to is $550,000. The interest reduction is based on the bank loan’s interest rate, for interest rates less than or equal to 5% the reduction is 2.1%, and for rates greater than 5% the reduction is 3%. Why use ReEnergize Ohio for your small business?
How do I qualify?
- ReEnergize Ohio is a gateway for small businesses to improve their energy performance
- The program revives commercial real estate and local communities by improving facilities, increasing the property value, and providing businesses with cost savings to reinvest in their communities
- The program rejuvenates small businesses by consolidating debt, improving facilities and lowering overall monthly expenses
- ReEnergize Ohio revitalizes city centers, bringing light to the dark store fronts of small towns, and employment opportunities to local communities
Small business owners must meet the following requirements:
- MUST be organized for profit
- MUST be headquartered in Ohio
- MUST maintain offices and operating facilities exclusively in Ohio
- MUST have fewer than 150 employees
- MUST primarily employ Ohio residents
What can ReEnergize Ohio Finance?
- ReEnergize Ohio can be used on existing structures, expansions to existing structures, or for the rebuilding of structures affected by a natural or catastrophic disaster. The financing can be used for the facility where the business is already located or the purchase of another building or store, as long as the improvements are going to be completed on those structures.
- Non-energy efficient projects can range from land and building exterior improvements, to interior remodeling, and for equipment, but are not limited to these examples.
- Energy-efficient upgrades can apply to a wide array of improvements, products, or facility renovations as well. Some examples of eligible upgrades include, but are not limited to energy-efficient lighting & system controls, upgraded heating & cooling systems, renewable energy systems, weatherization projects, as well as energy-efficient appliances, new equipment or vehicles. Please contact the Treasurer’s office to find out if your project would qualify (614)-466-6546.
Apply for ReEnergize Ohio?
Here are the easy steps to apply for ReEnergize Ohio:
- Locate a bank that is currently participating in this Ohio Linked Deposit Program. To do this, start on this website www.tos.ohio.gov/depositorybanks which lists all banks that are qualified to participate in Ohio Linked Deposit Programs. If your preferred bank does not offer ReEnergize Ohio, contact the Economic Development department for help finding a participating bank.
- Obtain pre-approval for a loan from the participating bank and establish a borrowing rate.
- Complete an online ReEnergize Ohio application, attach the project quotes/receipts/invoices electronically to the application (if you are unable to access the internet, please work with your lender to fill out your application, and upload the supporting project documentation). The total estimates, quotes, and/or receipts submitted for work performed must be greater than or equal to the total value of the loan for which a ReEnergize Ohio interest rate reduction is sought.