Low-interest loans offered to storm victims
Residents in six southeastern counties now eligible

June 11, 2008

Low-interest loans are available to residents and businesses in Clark, Coles, Crawford, Cumberland, Jasper and Lawrence counties, Illinois State Treasurer Alexi Giannoulias said today.

Under the Opportunity Illinois: Disaster Recovery Loan Program, the Treasurer’s Office secures below-market interest rates for storm victims in state declared disaster areas which finance their disaster repairs through participating lenders.

Residents and businesses that expect insurance to cover their damages can qualify for one-year bridge loans with interest-only payments. These loans are designed to be paid off in one lump sum when insurance or aid comes through.

Underinsured residents and businesses can qualify for low-interest loans with repayment terms of up to five years. The underinsured storm victims must make payments on the interest and principal for loans exceeding one year. Also, loans with terms longer than two years require a compliance review.

“Often times, storm victims need to make immediate repairs to their homes and businesses while they wait for insurance or aid payments,” Giannoulias said. “We help them obtain affordable rates so they can rebuild and get their lives back on track.”

To participate in the Disaster Recovery Loan Program, borrowers must:

  • Own damaged property in an area declared a state or federal disaster area
  • Secure a loan up to their damage amount with a participating lender
  • File the application within 90 days of the state or federal disaster declaration
  • Use the money for disaster recovery

For more information on applying for a loan, finding a participating financial institution, or becoming a participating financial institution, call the Disaster Recovery hotline at (866) 523-0641 or email opportunityillinois@treasurer.state.il.us.

  
     
 
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