SPRINGFIELD — The Princeton Fire Department is receiving a $200,000 loan through a state ambulance revolving loan program, according to a state press release issued Wednesday.
Illinois State Fire Marshal Matt Perez and Illinois Finance Authority (IFA) Executive Director Christopher Meister issued more than $9.3 million in no-interest or low-interest loans to emergency responders across the state.
The Princeton Fire Department will use the extremely low-interest loan to replace a 2007 ambulance that had a lot of wear and tear and was starting to have maintenance issues.
The department applied for the loan in hopes of trading the older ambulance for a new one.
Perez stated: “Fire departments throughout Illinois face financial stressors that can make it difficult to properly equip and train their firefighters. These no- and low-interest loans allow departments to obtain vehicles they may not otherwise have been able to afford. This new equipment will help them serve their communities in a safer, more efficient and effective way.”
The Fire Truck Revolving Loan Program and Ambulance Revolving Loan Program are designed to assist departments or cities in purchasing emergency vehicles that they may not be able to otherwise afford.
Under the ARLP program, units of local government (city, town, village, township, fire department, fire protection district) and not-for-profit ambulance service providers can apply for no-interest or low-interest loans of up to $200,000. These loans must be paid back in 10 years.
Also, the Annawan Alba Fire Protection District is receiving a $350,000 loan through the fire truck revolving loan fund.