MONTGOMERY, Ala. (PR) -- Alabama Treasurer John McMillan is providing disaster relief funds in the form of bank deposits that will support reduced rate loans for those affected by the March 3 tornadoes.
A total of $50 million in below market deposits will be available to interested lending institutions to reduce interest loan rates for eligible borrowers in Autauga, Barbour, Bullock, Butler, Crenshaw, Geneva, Henry, Lee, Macon, and Washington counties. Participation in the program and the loan making decision is at the discretion of the bank.
“This is an extremely difficult time for those impacted by the tornadoes, but we hope that the program can lessen the burden of financial borrowing,” explained Treasurer McMillan. “I encourage banks to participate in this program for the benefit of Alabamians in these counties. This will serve to rebuild and restore our businesses, families and communities.”
The program will be available until December 31, 2019.
Those interested in participating should contact their bank to see if it is participating in the program and to determine if they qualify for the low-interest loan program.