MONTGOMERY – State Treasurer Young Boozer has expanded Alabama’s Linked Deposit Program to include those affected by the tornadoes that swept through the state the week of January 23, 2012. The Linked Deposit Program was initially activated in 2011 for those impacted by both the April 2011 storms and the April 2010 Gulf oil spill. By including victims of the January storms, Treasurer Boozer is providing banks access to $25 million in emergency funding for low-interest loans through April 30, 2012.
“Alabamians are once again stepping up to help each other in their time of need,” said Treasurer Boozer. “Although other resources will be available to help those affected by Monday’s tornadoes, we in Treasury wanted to do our part to provide assistance to local banks so they can, in turn, provide qualified people in need with low-interest loans as they work to rebuild their homes and businesses.”
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.