Low-interest loans are available to residents and businesses in Winnebago, Jersey, Knox and Madison 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.
Governor Blagojevich made the Winnebago and Jersey county declarations on Monday and the Knox and Madison county declarations on Tuesday. They join 15 other counties already declared
disaster areas: Adams, Calhoun, Clark, Coles, Crawford, Cumberland, Douglas Hancock,Henderson, Jasper, Lake, Lawrence, Mercer, Pike and Rock Island.
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.
Under-insured residents and businesses can qualify for low-interest loans with repayment terms of
up to five years. The under-insured 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 hot-line at (866) 523-0641 or email
opportunityillinois@treasurer.state.il.us.