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Lending Support for Small Businesses Available Through JobsOhio Banking Partnership

Graham A. Bluhm
4/29/20

red envelope $100 bills   On April 21, 2020, Governor DeWine announced a new partnership between JobsOhio, Peoples Bank, and First Federal/Home Savings Bank. Utilizing $50 million committed to the partnership by JobsOhio, the banks will have additional capacity to support existing small business clients during the COVID-19 pandemic. 

   The partnership will allow banks to provide financing on favorable terms to their local small business clients that would otherwise not have access to credit due to the pandemic. Small businesses in good standing with their bank are eligible for loans to help maintain operations and payroll during the COVID-19 crisis. Loans of up to $200,000 may be used for working capital, including payroll, rent, mortgages or other fixed debts, utilities and other bills. 

   While there is no official order related to the partnership, the banks have established their own application processes and loan terms. Small business that have been a client of Peoples Bank as of April 1, 2020, can apply online for “The Peoples Bank Advantage Loan” which presents the following terms: 

   Clients of the newly merged First Federal Bank and Home Savings Bank can contact their local branch or banker about the banks’ “JobsOhio Small Business Loan Program.” The terms are as follows: 

   For questions regarding financing available to small businesses due to the pandemic, please contact one of our business attorneys. 

   Anna L. Crisp, a law clerk with Eastman & Smith who is finishing her third year at The Ohio State University Moritz College of Law, contributed to this article.

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Disclaimers:

At the date of publication the above information was correct.  It is quite possible the information above has changed as COVID-19 is a rapidly evolving situation. 

The article in this publication has been prepared by Eastman & Smith Ltd. for informational purposes only and should not be considered legal advice. This information is not intended to create, and receipt of it does not constitute, an attorney/client relationship.