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Railroads Get State Loan to Repair Damage Posted 3 August 2008 The Iowa Railway Finance Authority and the Iowa Department of Transportation approved emergency funding last week for seven Iowa railroads that sustained damage from June flooding.   The loan amount totals $3,999,000, with each entity receiving a no-interest state loan averaging $571,000. The loans carry a maximum term of 15 years. Railroads have until Jan. 1, 2011, to begin repaying the amounts. More than 400 miles of rail were damaged earlier this spring by flooding. All of the funds went to short-line railroads, including three Cedar Rapids-based railroads.

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