Effective: September 29, 2013
Latest Legislation: House Bill 59 - 130th General Assembly
As used in sections 135.61 to 135.67 of the Revised Code:
(A) "Eligible small business" means any person, including, but not limited to a person engaged in agriculture, that has all of the following characteristics:
(1) Is headquartered in this state;
(2) Maintains offices and operating facilities exclusively in this state and transacts business in this state;
(3) Employs fewer than one hundred fifty employees, the majority of whom are residents of this state;
(4) Is organized for profit.
(B) "Eligible lending institution" means a financial institution that is eligible to make commercial loans, is a public depository of state funds under section 135.03 of the Revised Code, and agrees to participate in the linked deposit program.
(C) "Linked deposit" means a certificate of deposit or other financial institution instrument placed by the treasurer of state with an eligible lending institution at a rate below current market rates, as determined and calculated by the treasurer of state, provided the institution agrees to lend the value of such deposit, according to the deposit agreement provided in division (C) of section 135.65 of the Revised Code, to eligible small businesses at a rate that reflects an equal percentage rate reduction below the present borrowing rate applicable to each specific business at the time of the deposit of state funds in the institution.
(D) "Other financial institution instrument" has the same meaning as in section 135.81 of the Revised Code.
(E) "Loan" means a contractual agreement under which an eligible lending institution agrees to lend money in the form of an upfront lump sum, a line of credit, or any other reasonable arrangement approved by the treasurer of state.