Area businesses seeding growth with low-rate loans from state
14.05.2008 10:09
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- Source: toledoblade.com
Taylor Gedert, vice president of Gedert's Greenhouse Inc. in Monclova Township, was concerned about how rising energy and transportation costs would affect his business. At the behest of his banker, he applied for the state-sponsored GrowNOW program. Two months later, the company received a low-interest loan of $250,000 at 3.5 percent. He plans to hire five employees and expand operations. "It was great timing for us … with costs going up," said Mr. Gedert. The 25-year-old GrowNOW helps small businesses statewide with a 3 percentage point reduction on loan interest. The program granted $30.3 million in reduced rate loans last month, a record, the state said.
A business applies for a loan at a bank, and if approved, can apply for the state help, getting an answer within 48 hours. The state will cover up to $400,000 of loans in a 3 percentage-point reduction. For every $50,000 granted, businesses are expected to hire, or retain, one employee. 
Douglas Tyson moves racks of pots at Gedert's Greenhouse, a program participant, which plans to hire five employees.
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