GrowNOW

Business Profile: G&L Oil Company

G&L 1G&L Oil Company, located at 2011 W. County Road 54 in Tiffin, has been in the Seneca County community, providing excellent customer service to their diverse range of clients since 1938. Purchased by Kim Walton in 1989 and moved to its current location in 2007, the business includes G&L Oil, Brobst Trucking Inc., as well as  the G&L Shell and G&L Car Wash at the corner of SR 100 and US 224.

G&L Oil sells motor oils, greases, transmission fluids and liquids including motor oils, hydraulics oils, greases, solvents, antifreeze, and other products to their walk in, farmer, industrial, and commercial customers. They are also a distributor of gasoline and diesel fuel to commercial, farmers, industrial, and heating oil customers. Product comes in bulk totes, drums, kegs, and cases, and are all available in their warehouse on County Road 54.

G&L sells 30K gallons of oil per month (Mobil, Idemitsu, Shell, Pennzoil, Wolfs Head and Duramax) in totes (250-300 gallon plastic containers, drums, etc.). One of their customers, Expercon (Toledo), is helping clear out harmful algal blooms in Lake Erie.  Local industrial customers also include Webster, AFS and Taiho.

G&L is part of the State of Ohio’s Encouraging Diversity, Growth and Equity (EDGE) program, designed to assist socially and economically disadvantaged businesses in obtaining state government contracts in the following areas: construction, architecture and engineering; professional services; goods and services; and information technology services. They have also utilized the GrowNow program through the Ohio Treasurer of State, which enables small business owners to receive up to a 3% interest rate reduction on new or existing loans for two years, with the opportunity for renewal for another two year period, with the creation or retention of at least one full-time job or two part-time jobs in the State of Ohio for every $50,000 borrowed, up to $400,000. Additionally, G&L has worked with the Ohio Bureau of Workers’ Compensation on potential Safety Grants.

The company has 23 employees, including 11 at the Shell service station, and two of Kim’s daughters, Kristen Hill and Marissa Walton. Last October, they also brought on a new salesperson to help grow the business. Plans to expand also include the recent purchase of a $250k tanker truck, driven by Kim’s son-in-law, Mark Hill.

Treasurer’s office supports small business with GrowNOW program

GrowNow-Brochure-ThumbGrowNOW is a partnership between eligible banks and the Ohio Treasurer’s office. The program enables small business owners to receive up to a 3% interest rate reduction on new or existing small business loans for two years, with the opportunity for renewal for another two year period. Small business owners must commit to the creation or retention of at least one full-time job or two part-time jobs in the State of Ohio for every $50,000 borrowed, up to $400,000. GrowNOW broadly serves as a catalyst for Ohio’s economic development by supporting the small businesses that drive it.

The GrowNOW interest rate reduction will be based on the loan’s interest rate, as determined for each borrower by the respective bank.  If the interest rate is above 5%, the reduction will be 3%.  If the interest rate is 5% or below, the reduction will be 2.1%.

Eligible business owners must meet the following criteria:

  1. Have less than 150 employees
  2. Have headquarters in Ohio
  3. Maintain offices and operating facilities exclusively in Ohio
  4. Must have a majority of employees be Ohio residents
  5. Must be organized for profit
  6. Must be able to save or create one full-time or two part-time jobs in Ohio for every $50,000 borrowed

GrowNOW gives approval preference to veterans through the Veteran’s Preference Program. If you are a veteran or a spouse of a veteran, please click here for more information.

Follow these simple steps to complete your application:

  1. View a list of eligible banks (Please note: Only “public depository” banks, as that term is used in Chapter 135 of the Ohio Revised Code, are eligible to participate in Economic Development programs sponsored by the Ohio Treasurer’s office.  Contact this office if your current bank is unable to participate, so we can provide alternate participating banks in your area.)
  2. Apply for a small business loan at a participating bank and establish an interest rate.  Alternatively, GrowNOW interest rate reductions may be applied to an existing loan.
  3. Complete an online GrowNOW application with your bank. Paper applications can be used to gather your information in advance of online entry.
  4. If the application meets all program requirements it will be approved, and the Ohio Treasurer’s office will deposit funds at the participating bank in an interest bearing financial instrument.
  5. In turn, the bank uses the interest generated to provide the interest rate reduction.

Upon submission of your completed application, the Economic Development department within the Treasurer’s office typically determines eligibility within 5 business days.

From the Ohio Treasurer’s office. Learn more here.