Schaffer Announces State Disaster Relief Programs for Those Impacted by Severe Weather

COLUMBUS— The destruction and damage caused by recent severe weather impacted many Ohioans. State Senator Tim Schaffer (R-Lancaster) today announced that the Ohio Treasurer's office administers two economic development programs that may be beneficial to impacted individuals or entities when insurance coverage or relief funds do not cover the full cost of the damage. ReEnergize Ohio offers interest rate reduction on loans for damage from natural disasters for any Ohioan with a small business or a primary residence located in Ohio. The bank loan application must be submitted in conjunction with a participating Ohio depositary bank. ECO-Link (previously Rebuild Ohio) assists homeowners with financing the restoration or replacement of their primary residence through the use of construction or restoration loans.

• For construction loans, provides up to a 3% interest rate reduction on loans for up to two (2) years. The rate reduction is available on loans up to $400,000.
• For restoration loans, provides up to a 3% interest rate reduction on loans for up to seven (7) years. The rate reduction is available on loans up to $50,000.
• The online application consists of two brief forms – one from the applicant and one from the lender.

Contractor estimates for the projects must be attached and total greater than or equal to the full amount of the loan. The programs are supported through the Economic Development Department, within the Ohio Treasurer's office, which has the ability to invest up to 12% of the state's investment portfolio in special projects that support job growth, promote financial stability, and assist the operations of Ohio's farmers. More information about ReEnergize Ohio and ECO-Link can be found here. If you have any further questions, please contact the Ohio Treasurer’s Department of Economic Development at 614-466-6546 or 1-800-228-1102.