Ohio businesses have a new opportunity to access capital at significantly reduced rates through the Buckeye Business Advantage program, launched by the Ohio Treasurer’s office. The program, opening in late October, offers eligible businesses loans at 2-3% below current market rates.
Program Overview
The Buckeye Business Advantage program is designed to support Ohio’s small business community by reducing the cost of borrowing. In today’s interest rate environment, a 2-3% reduction can translate to substantial savings over the life of a loan, improving cash flow and making growth investments more accessible.
Who Qualifies?
To be eligible for the program, businesses must:
- Be headquartered in Ohio
- Be at least 51% domiciled in Ohio
- Have 150 or fewer employees, with at least 51% being Ohio residents
- Be organized for profit
- Use loan proceeds exclusively for business purposes
- Agree to comply with all program and financial institution requirements
Potential Uses
Businesses across industries can leverage these favorable rates for various purposes:
- Equipment purchases and upgrades
- Working capital management
- Business expansion or facility improvements
- Technology investments
- Inventory financing
- Debt refinancing at lower rates
Getting Started
Currently, four financial institutions are participating in the program, with more expected to join as it gains momentum. Given the attractive rates and limited initial availability, interested businesses should consider acting promptly.
For complete program details and the list of participating lenders, visit tos.ohio.gov/buckeyebusinessadvantage.
How Rea Can Help
Our team can assist you in:
- Evaluating whether your business meets eligibility requirements
- Analyzing the potential cost savings for your specific situation
- Preparing financial documentation for the application
- Connecting you with participating lenders
Contact your Rea advisor to discuss how the Buckeye Business Advantage program could support your business goals.
