Storm surge loan program starts in Schleswig-Holstein
Damage caused by the Baltic Sea storm surge in Schleswig-Holstein can now also be repaired with the help of money from a special loan from Investitionsbank Schleswig-Holstein. The "storm surge bridging aid" is aimed at private individuals and companies that suffered material damage to real estate or business premises as a direct result of the storm surge from October 19 to 21, as announced by the Ministry of Economic Affairs on Tuesday. The low-interest loans of up to 50,000 euros per damaged property or business premises bear interest at one percent. Collateral does not have to be provided. The term is five years, the first year of which is repayment-free.
Now it is important to help the victims in an uncomplicated manner, emphasized Minister of Economic Affairs Claus Ruhe Madsen (CDU). A hardship regulation, according to which parts of the loans could be waived under certain conditions, is currently being drawn up. Applications for the loan program can be submitted to the Investitionsbank Schleswig-Holstein via the house bank.
The ferocious Baltic Sea storm resulted in a significant storm surge, affecting numerous residents and businesses in Schleswig-Holstein. To alleviate the financial burden of repairs, the Ministry of Economic Affairs introduced a low-interest storm surge loan program, offering up to 50,000 euros per affected property or business premise.
Source: www.dpa.com
