Program offers interest rate reduction to Ohio storm victims

COLUMBUS — Residents in Southern Ohio impacted by tornadoes and severe weather last week could be eligible for emergency disaster assistance in the form of reduced interest rates on loans under Ohio Treasurer Josh Mandel’s Renew Ohio & Rebuild Ohio programs.

Eligibility

Renew Ohio will assist small business owners and those in the agricultural community who have suffered severe damage or loss as a result of the tornadoes or other forms 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 the tornadoes or 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

Applying

For more information on how to apply for the Renew Ohio or Rebuild Ohio programs contact the Ohio Treasury’s Department of Economic Development by calling 614-466-6546 or 800-228-1102 option 3; or visit www.OhioTreasurer.gov/renewrebuild.

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