Lower-Cost Loans for Ohioans With Recent Disaster Losses

Most disaster aid that people are used to comes from the federal agency FEMA.  In Ohio, however, homeowners, business people and farm owners who suffered property damage in the storms that hit the state on the weekend of June 30th can apply to the state's Treasurer's office for lower-cost loans through two linked deposit programs, Renew and Rebuild.  Renew is for the small business and agriculture community; Rebuild is for homeowners.  Like most linked-deposit programs, the reduction in the loan's interest rate is linked to the deposit of state treasury money in the lending institution.  The state deposits a CD in that institution, and the institution gives the property owner to whom they loan the money a 3% break in the interest rate.  Ohio already has several such plans dealing with business, agriculture and forestry loans, and even personal savings. 

For to apply for Renew or Rebuild, you need some simple requirements: you need to have suffered property damage through these storms, found a lending institution that will loan you the money and participate in the program, and agree to the monitoring procedures.  The lender has to fill out the forms, and send them in to the state Treasurer's office.    If you have any questions, call the Treasurers' office at 1-800-228-1102, option #3.