Low-interest loans offered to storm victims

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Bureau County residents and property owners who sustained weather-related damage during the recent storms are eligible for low-interest loans through the Illinois State Treasurer’s Office.

Since Bureau County was declared a state disaster area, residents can take advantage of the Opportunity Illinois: Disaster Recovery Loan Program. Under the program, the treasurer’s office obtains below-market interest rates for storm victims in declared disaster areas who finance their disaster repairs through participating lenders. As of Thursday, loan rates would be no more than 4.5 percent.

Under the program, 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.

“Many times, storm victims need to make immediate repairs to their homes and businesses while they wait for insurance or aid payments,” State Treasurer Alexi Giannoulias said in a press release. “We help them obtain affordable rates so they can rebuild and get their lives back on track without delay.”

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

• Own damaged property in an area declared a local, 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 e-mail opportunityillinois@treasurer.state.il.us.

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