Bank offering assistance with storm recovery
LAKE COUNTY — Lake-Osceola State Bank is joining many individuals and community organizations stepping up to ease the burden of damage left by the Aug. 28 storm which ripped through Lake County.
“As a bank, we were trying to see what peoples’ needs are with the storm aftermath,” said Deborah Smith-Olson, chair of Lake-Osceola State Bank.
The bank is offering a storm recovery loan to help people get back on their feet. The special loan program offers up to $2,500 unsecured; 36 monthly payments; a 3 percent annual percentage rate; no loan processing fee; and proceeds payable to individuals or companies providing repairs and restoration work.
“Most people have home owner’s insurance, but they still have deductibles, which could be up to $2,000,” she said. “Then there are damages which may not be covered for some people, like tree falling on cars. There also are trees which fell in yards which may not have damaged a structure, but still cost money to clean up. We want to help people with those kind of expenses.”
Smith-Olson said the bank also is reaching out to businesses.
“Sometimes there is a loss of income to businesses for being closed with the power outages. Some places had food that was lost. They may have had generators for freezers, but not for coolers,” she said, adding assistance to businesses will be based on each individual needs.