Ohio program provides low-interest loans for small businesses

Ohio program provides low-interest loans for small businesses

YOUNGSTOWN — State Treasurer Richard Cordray is looking for small business owners who need a good deal on a loan.

He is in the process of revitalizing a program that gives small businesses a 3 percent reduction on bank loan rates.

Roger Geiger, Ohio executive director for the National Federation of Independent Businesses, said the program is such a good deal for his members that he has joined Cordray on a media tour to promote it. They visited The Vindicator today as part of a 12-city tour.

If a bank is offering a business a loan based on the prime rate of 6 percent, the state program would reduce that rate to 3 percent. On a maximum loan of $400,000, the interest rate savings would be $12,000 a year.

Geiger said the lower interest rate allows businesses to put more money into the projects, perhaps buying more equipment or hiring more workers.

For the complete story, see Wednesday’s Vindicator and Vindy.com.