Swearingen Announces JobsOhio Community Bank Initiative to Support Small Businesses
Today, JobsOhio launched its new Community Bank Loan Guarantee initiative– a partnership to address supporting small business clients by maintaining operations and payrolls as they’ve been drastically affected due to the COVID-19 pandemic. State Rep. D.J. Swearingen (R-Huron) applauds the effort and implores employers to seek if they are eligible through these banks.
JobsOhio, Peoples Bank and the newly merged First Federal/Home Savings Bank have come together to commit $50 million in providing support to small businesses across Ohio that have been impacted from the coronavirus. The initiative simultaneously provides lending for businesses and support for community banks.
Each bank has its own eligibility qualifications, with Peoples Bank loans available to:
- Business clients with loan(s) or line(s) of credit in good standing as of February 29, 2020 are eligible to get a new loan for up to 20% of their existing Peoples Bank loan(s) or line(s) of credit. This new loan amount cannot exceed $200,000; and
- Business deposit only clients are eligible for a new loan up to 10% of their annual gross revenue, no greater than $100,000.
First Federal/Home Savings Bank loans are available to:
- Ohio based businesses;
- Current First Federal Bank loan or deposit customer in good standing; and
- Current Home Savings Bank loan or deposit customer in good standing.
“I appreciate this innovative way that JobsOhio and these community banks are coordinating in order to make these vital loans available to our small business community throughout the state and our 89th House District,” said Swearingen. “Many small businesses have found some resources scarce and I want to highlight this great initiative and encourage those eligible to apply.”
To check business eligibility and to apply, please visit one of the following community banks’ websites: