Treasurer offers aid to storm victims in Rockford, Winnebago County

UPDATE: Loans are available to storm victims in Stephenson and Winnebago counties based on an Aug. 30, 2007 federal disaster declaration. Residents can apply for loans to repair damages while they wait for federal aid.

August 8, 2007

Low-interest loans are available to residents of the City of Rockford and Winnebago County whose properties were impacted by recent flooding, Illinois State Treasurer Alexi Giannoulias said Wednesday.

Under the Opportunity Illinois Disaster Loan program, the Treasurer’s Office provides low-interest bridge loans to residents of declared disaster areas who are waiting for insurance settlements or other aid programs to take effect.

To receive the low interest rate, residents may secure a loan up to the damage amount at a bank or financial institution which participates in the state’s linked deposit program. The Opportunity Illinois loan application must be filed by the bank on the resident’s behalf within 90 days of a local, state or federal official’s natural disaster declaration.

“Waiting months for insurance settlements can be demoralizing when your homes or businesses are damaged,” said State Treasurer Alexi Giannoulias. “Our low-interest loan program helps storm victims with the upfront costs of repairs so they can get their lives back on track faster.”

The Treasurer’s Office backed $120,000 in low-interest loans to victims of three natural disasters in 2006. There were March storms in Ford, Greene, Logan, Morgan, Randolph, Sangamon and Scott counties; July storms in Madison, St. Clair, Clinton and Jefferson counties; and September floods in the City of Rockford and Winnebago County.

For more information, call Opportunity Illinois at (217) 782-2071 or email opportunityillinois@treasurer.state.il.us.

 
     
 
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