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Ohio offers East Palestine business owners no-interest, forgivable loans of up to $1 million

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It’s the first time that the state is offering direct financial assistance of this type to business owners or other residents who suffered economic losses after the Feb. 3 derailment sent toxic chemicals into the nearby air, water and soil.

FILE - This photo taken with a drone shows portions of a Norfolk and Southern freight train that derailed the night before in East Palestine, Ohio, on Feb. 4, 2023. COLUMBUS, Ohio—The state of Ohio will soon offer zero-interest, forgivable loans of up to $1 million to businesses hurt by the East Palestine train derailment last February, Gov. Mike DeWine announced Monday.

The state will offer a total of $5 million worth of the loans, which were approved by the Ohio Controlling Board on Monday, according to a DeWine release. The money will come from the Controlling Board’s Emergency Purposes/Contingencies Fund.

 

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