The state has initiated two emergency financing programs for residents whose businesses, farms, and homes were damaged by tornadoes this month in Ottawa, Wood, Lucas, and Fulton counties.
Renew Ohio and Rebuild Ohio will allocate $20 million through the state treasurer’s linked deposit system to assist those in need by providing lower interest rates on loans.
Rebuild Ohio is designed to assist homeowners applying for construction loans to rebuild their homes. Renew Ohio aims to assist small-business owners, farmers, and homeowners not seeking construction loans.
Genoa Banking Co. is participating in both programs. Huntington National Bank, Farmers & Merchants State Bank, and First Federal Bank of the Midwest are participating in Renew Ohio.
Under Renew Ohio regulations, the maximum loan amount per applicant is $400,000 and borrowers must have suffered extensive damage or loss as a result of the recent severe weather. They may seek a loan from a participating bank or apply for a reduction on a current loan.
The loan limit for Rebuild Ohio is also $400,000 and those borrowers must be financing for storm-related damage. Applications are to be filed at a branch of Genoa Banking.
Applications for both programs must be filed by Sept. 30.
The state will deposit certificates of deposits at the banks at rates up to 3 percent lower than current market rates. Lenders will pass the rate reduction to borrowers.
For information about the programs visit the website of Ohio Treasurer Kevin Boyce: www.tos.ohio.gov.