Illinois Flood Victims Urged To Pursue Recovery Loans
SPRINGFIELD, Ill. (KMOX) - A day after touring flood-damaged lowlands in southern Illinois, state treasurer Dan Rutherford is encouraging residents and businesses to look into disaster recovery loans.
“The sight of all this water, and the damage it’s caused, is stunning,” said Rutherford, who was shown damaged property in Cairo, Metropolis and Shawneetown. “People whose homes, businesses, vehicles, and other property have been damaged or destroyed desperately need assistance to get back on their feet.”
Rutherford is also asking more financial institutions to partner with his office in offering loans to victims who need to make repairs to their homes and property.
The loans offered by the treasurer’s office allow home, business and farm owners to secure below-market rates for up to the first five years of a loan.
The maximum interest rate is 3%.
Loans will be available to help cover immediate costs that will eventually be covered by insurance (aka bridge loans), and to help cover costs if there is no insurance coverage.
Loans can be repaid over a period of up to five years.
For more information, go to the Illinois State Treasurer’s website at www.treasurer.il.gov.
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