Ohio businesses can apply for emergency assistance to rebuild from storm damage

CLEVELAND - Ohioans affected by the damaging winds from Superstorm Sandy can apply for emergency assistance through reduced interest rates on loans under Ohio’s Renew Ohio & Rebuild Ohio Programs.

"In the wake of the devastation that Hurricane Sandy has caused the East and New Jersey Coasts, Ohioans are on watch for flooding, high winds and severe weather.  Any Ohio homeowners and small businesses affected by the storm 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 Ohio Treasurer Josh Mandel. "These programs can be used by businesses, farmers or homeowners who are victims of flooding, wind damage, power outages or other forms of severe weather." 

Businesses and farmers can apply to obtain up to a three percent interest rate reduction on new 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.

There is currently $25 million available in the state of Ohio for these reduced loan programs.   

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 call the Ohio Treasury's Department of Economic Development at 614-466-6546 or toll-free 1-800-228-1102 or visit the Renew Ohio & Rebuild Ohio web page: www.OhioTreasurer.gov/RenewRebuild .