LIMA, Ohio (WLIO) - Small businesses are the back bone of our economy and Ohio Treasurer Robert Sprague is working to make sure they have the resources to survive.
Sprague recently introduced the Buckeye Business Advantage, which allows qualifying small businesses in Ohio to apply for reduced interest loans. By using the state's $25 billion balance sheet, interest rates can be reduced by up to three percent for a two year loan up to one million dollars. Sprague says that the program is a way to support small businesses that want to grow.
"We're focused on manufacturing right now because we know that manufacturers could grow if they're able to lower the interest rates on building that planned expansion, maybe having some more working capital to hire more employees, or being able to add that new product line," Sprague said.
Businesses must employ 150 or less and be based in the state. To find all of the requirements you can go to the Treasurer's website.
