State treasurer’s office previews ‘Buckeye Business Advantage’ loan program for Ohio small businesses

Brooke Bowman, speaking for the Ohio state treasurer’s office, told the Delaware County Board of Commissioners that the office will roll out a new lending program in October called the Buckeye Business Advantage Program to help small businesses in Ohio.

"We are rolling out a new program...the Buckeye Business Advantage Program," Bowman said, adding the exact launch date has not been finalized. She said the program is targeted to small businesses that maintain at least 51% of their operations headquartered in Ohio and have 150 or fewer employees.

Bowman described the program as an interest-rate reduction loan designed "to help stabilize small businesses," and said it was modeled on the treasurer’s existing AgLink program. "That program offers a 3% interest rate reduction," she said, and the Buckeye program "will be somewhere around the 3%" though "it could be a little higher" or lower.

Commissioners asked whether revenue, industry or other criteria would determine eligibility beyond the two stated thresholds; Bowman said additional parameters exist but she did not have back-end details and would follow up with county staff. "As I have that information, I will definitely either come back or send it an email follow-up with either Jen or Tracy," she said.

The treasurer’s office representative said the precise rate reduction, caps and other terms remain subject to final program design and that the state treasurer may provide more public briefings as details are finalized. The board did not take action on the program; Bowman’s appearance was an informational briefing and staff said they expect to receive further materials when the state releases formal guidelines.