12 May Extraordinary Utility (NG) low-interest loan program signed into law and in effect at your lending institution
Kansas State Treasurer Lynn Rogers announced a new linked deposit loan program to provide low-interest loans to Kansas businesses as well as to schools and businesses who experienced extraordinary natural gas bills from the February polar vortex weather event.
The Extraordinary Utility Loan Program utilizes $20 million from the City Utility Loan Program to provide low-interest loans to wholesale natural gas customers, including businesses and school districts, who experienced higher utility bills resulting from the February winter weather. The program provides loans of no more than $500K with a term of up to three years.
The State Treasurer’s Office began accepting participation agreements from financial institutions on Monday, May 3. Under this program, participating Kansas banks, credit unions, and/or farm credit associations may process the loans. Businesses should contact their local lending institution to apply for a low cost loan under this program. Contact your association for more information.