MONTGOMERY – State Treasurer Young Boozer has activated Alabama’s Linked Deposit Program, making $25 million in emergency funding available to banks for those impacted by both the April 2011 storms and the April 2010 Gulf oil spill.
“Alabamians have witnessed unprecedented tragedy in the past two years,” said Treasurer Boozer. “Some resources that were initially available after the spill and the storms aren’t there anymore. It’s important to remember that recovering from these events is a marathon, not a sprint. That’s why Treasury is making these funds available now.”
The linked deposit program was created by the Alabama Legislature in 1988. It allows the Treasurer to place state funds in Alabama banks at two percent below market interest rates. Banks agree to lend those funds to qualified individuals or businesses at two percent less than normal rates to assist the recovery process for Alabamians impacted by disasters.
Those interested in applying for short-term emergency loans should contact their local bank. More information is available online at www.treasury.alabama.gov. Click the Linked Deposit Program menu item on the left side of the home page.