IOWA CITY — MidWestOne Bank released information this week on a special Disaster Assistance Loan to assist those in Iowa and Western Illinois that have been affected by the rain, floods and storms this season.
The MidWestOne Disaster Assistance Loan can be used for any damage or loss due to the recent storms. Those affected may apply for a Disaster Assistance Loan of up to $7,500, with a repayment term of up to 36 months. To qualify, the applicant must indicate the specific purpose for the loan when applying.
The interest rate for the MidWestOne Disaster Assistance Loan is 6 percent fixed APR or 5 percent with automatic payment from a MidWestOne deposit account. A standard documentation fee is also waived.