Ohio
Treasurer Josh Mandel...
Ohio
Victims of Damaging Winds and Severe Weather Eligible for Reduced
Interest
Rates
COLUMBUS -
Residents across Ohio impacted by damaging winds and severe weather
during
storms the weekend of June 30 could be eligible for emergency
assistance in the
form of reduced interest rates on loans under Ohio Treasurer Josh
Mandel’s
Renew Ohio & Rebuild Ohio Programs.
Small businesses and homeowners who
apply for bank loans for
construction, restoration, or cash flow for damage and hardship
resulting from
the recent severe weather may be eligible to receive interest rate
reductions
through the Treasurer’s office.
“Extremely
high winds and severe weather across Ohio caught many by surprise and
resulted in
serious damages to many homes and small businesses.
Those looking to rebuild and recover
from
loss may be eligible for various state and federal programs, including
the
Renew Ohio & Rebuild Ohio linked deposit programs which can
help lower
interest rates on loans,” said Treasurer Mandel. “These programs can be
used by
businesses or farmers who are victims of severe weather for
construction and to
improve cash flow, or by individuals to finance the restoration of
their
homes.”
Treasurer
Mandel has made $25 million available through the Ohio Treasury’s Renew
Ohio
& Rebuild Ohio emergency financing programs to assist Ohioans
whose small
businesses, farms and homes were damaged by severe weather. The money in this linked
deposit program is
available and targets small business owners, farmers and homeowners
affected by
severe weather who might be eligible to receive interest rate
reductions on
loans in order to rebuild and recover from damage or loss.
Renew Ohio
will assist small business owners and those in the agricultural
community who
have suffered severe damage or loss as a result of severe weather. Businesses and farmers can
apply to obtain up
to a three percent interest rate reduction on new or existing loans for
construction or to improve cash flow.
The interest rate reduction may be
applied on up to $400,000 of the loan
for up to four years.
Rebuild
Ohio will assist homeowners with an interest rate reduction on loans to
finance
the restoration of their homes.
Homeowners who have suffered severe
damage or loss as a result of severe
weather will be eligible for a three percent interest rate reduction on
up to
$400,000 of the loan for a five or seven-year period.
The Renew Ohio and Rebuild Ohio programs
are able to be used in addition to other state and federal disaster
assistance
programs that might be available to victims.
For more information on how to apply for
the Renew Ohio or Rebuild Ohio
programs please contact the Ohio Treasury’s Department of Economic
Development
by calling (614) 466-6546 or toll-free (800) 228-1102 option 3; or
visit the
Renew Ohio & Rebuild Ohio web page:
www.OhioTreasurer.gov/RenewRebuild
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