State loans available for Livingston disaster victims

The Ottawa Times, Ottawa, IL

Published Tuesday, January 22, 2008

The Illinois state treasurer's office is offering low-interest, longer-term loans to storm and flooding victims in Livingston and Iroquois counties, which the governor declared disaster areas earlier this month.


The Opportunity Illinois: Disaster Recovery Loan program is available to residents and business owners in those counties who do not have insurance that fully covers natural disaster damage. The interest rate charged to storm victims will be reduced by a percentage point to two percent below market rate, the treasurer's office said.

Repayment terms up to five years are available. Terms longer than two years require a compliance review.

One-year bridge loans also are available for those with insurance that covers storm and flood damage. These loans require interest-only payments for one year and are designed to be paid off in one lump sum when the insurance or other aid comes through.

For more information about loan eligibility and program details, call 866-523-0641 or send an e-mail message to opportunityillinois@treasurer.state.il.us.

 
     
 
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