State Treasurer Josh Mandel has initiated Renew Ohio and Rebuild Ohio,
emergency financing programs for Ohioans whose businesses, farms and
homes were damaged by flooding and severe weather.
The Renew Ohio and Rebuild Ohio programs will allocate $25 million
through the Ohio Treasury’s linked deposit system to assist business
owners, farmers and homeowners by providing interest rate reductions on
loans.
Renew Ohio will assist small business owners and the agricultural
community. Business owners and farmers can also apply for priority rate
reduction assistance through the Ohio Treasury’s GrowNOW Program.
Rebuild Ohio will assist homeowners applying for loans to rebuild or repair their homes.
Renew Ohio Eligibility Requirements
Business owners and farmers must:
- Have suffered severe damage or loss as a result of severe weather in 2011
- Obtain a loan from an eligible bank or apply for a reduction on a current loan to improve cash flow
- Agree to comply with monitoring requests as required by the Treasurer
- Agree to comply with other requirements as stipulated in the application.
Lenders must:
- Be eligible to make individual or commercial loans
- Be eligible to accept deposits from the Ohio Treasurer of State
- Agree to lend the value of deposit to eligible applicants at
three percent below the present borrowing rate approved for the
applicant
Agree to comply with monitoring requests required by the Treasurer.
Renew Ohio Application Process
- Borrowers can apply for an interest rate reduction on a new or existing loan at a branch of an eligible bank.
- The lender will accept and review applications (Form 1-SBRO for
businesses and farmers), applying the usual lending standards to
determine the credit worthiness of the applicants.
- The maximum loan amount per applicant is $400,000. The loan limit may be revised on a case by case basis.
- The lender will fill out an application (Form 2-RO). The amount
of the loan, and the certified borrowing rate offered to the applicant
should be filled out on the application.
- A two-year investment will be placed with the lender at a
percentage rate below current market rates. The lender will pass the
interest rate reduction to the borrower.
Rebuild Ohio
Rebuild Ohio will assist homeowners financing the restoration of their
homes through the use of a three percent
interest rate reduction on loans for up to a one-year period.
Rebuild Ohio Program Eligibility Requirements
Homeowners must:
- Have suffered severe damage or loss as a result of severe weather in 2011
- Obtain a loan to finance the cost of rebuilding or repairing their home
- Agree to comply with monitoring requests as required by the Treasurer
- Agree to comply with other requirements as stipulated in the application
Lenders must:
- Be eligible to make construction loans
- Be eligible to accept deposits from the Ohio Treasury
- Agree to lend the value of deposit to eligible applicants at
three percent below the present borrowing rate approved for the
applicant
- Agree to comply with monitoring requests as required by the Ohio Treasury
Rebuild Ohio Application Process
- Homeowners apply for construction loans at an eligible bank .
- The lender will accept and review applications (Form 1-RB),
applying usual lending standards to determine the credit worthiness of
the applicants.
- The maximum loan amount per applicant is $400,000. The loan limit may be revised on a case by case basis.
- The lender will fill out an application (Form 2-RO). The amount
of the loan, a description of the affected property and the extent of
the damage it has sustained, and the certified borrowing rate offered to
the applicant should be filled out on the application.
- A one-year investment will be placed with the lender at a
percentage rate below current market rates. The lender will then pass
the interest rate reduction to the borrower.
Forms
Click on the appropriate link to download a form.
Form 1 - SBRO - For Small Business Owners and Farmers (Renew Ohio)
Form 1-RO - For Homeowners (Rebuild Ohio)
Form 2-RO - Lender form for both programs
For further information please contact the Ohio Treasury’s Department of
Economic Development by calling (614) 466-6546 or toll free (800)
228-1102, option 3.