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State TreasurerOffice outlines Buckeye Business Advantage, a short-term interest reduction loan for small businesses
Summary
A representative of the State Treasurer's Office described Buckeye Business Advantage, a two-year, roughly 3% interest-rate reduction loan up to $1,000,000 for Ohio-headquartered, for-profit businesses with fewer than 150 employees, administered through participating banks and credit unions and listed on the treasurer's website.
Brooke Billman, representing the State Treasurer's Office, told the board the office launched the Buckeye Business Advantage program in October to provide interest-rate reduction loans to small businesses headquartered in Ohio with fewer than 150 employees.
"It's a 2 year loan, around 3-ish percent, up to $1,000,000," Billman said, describing the product as modeled after the office's AgLink program and administered through participating local financial institutions. She said the program requires the business to be organized for profit and that nonprofits are not eligible.
Billman said the treasurer's office maintains a current list of approved participating banks and credit unions on its website and that the loan application paperwork flows through the local institution, which coordinates with the treasurer's office for final approval. Commissioners asked whether the loans are backed or sold to another entity; Billman said the loans are run through the state treasurer's program and administered with allocated state resources.
Questions from commissioners covered eligibility, permissible uses of loan proceeds (Billman said funds must be used for business purposes and there is limited flexibility such as improvements or payroll), the two-year term, and whether the program will be continued beyond the current treasurer' term; Billman said program continuation would depend on future administrations.
Billman left informational brochures for the county and offered to relay local feedback to the state treasurer's office. No county action was required at the meeting.
