State Treasurer encourages flood victims to use low-interest loan program

By WEEK Producer

State Treasurer encourages flood victims to use low-interest loan program

April 26, 2013 Updated Apr 26, 2013 at 11:00 AM CDT

SPRINGFIELD, Ill. -- Illinois State Treasurer Dan Rutherford is reminding flood victims that aid is available through the treasurer’s Disaster Recovery Linked Deposit Program.

Disaster Recovery helps residents, businesses and farmers obtain low-interest loans to recover from weather-related damage to their property.
 
After a loan is approved, the state makes a deposit into the financial institution which helps lower the interest rate to the borrower, making the repairs more affordable.
 
“My heart goes out to all the people in Illinois who are dealing with significant flooding,” said Rutherford. “I have seen homes under water, and I can only imagine what families are going
through. As Illinoisans work together to restore their homes and communities, keep in mind that my Disaster Recovery program is available to help as many victims deal with the damages left by this devastating flooding. It is touching to see how the citizens of our great state come together to ensure the safety of their neighbors during this flood.”
 
Rutherford says flood victims who expect insurance to eventually cover their costs can use the Disaster Recovery program as a “bridge loan” for one year until their reimbursement arrives. Those who sustain damage on uninsured property are allowed up to five years to repay their loans.
 
For the application and additional information on which financial institutions are offering Disaster Recovery loans, visit www.treasurer.il.gov and click on the Disaster Recovery
page or call the Illinois State Treasurer’s Disaster Recovery Hotline at 866-523-0641.

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