Loans Available for DuPage County Storm Victims

As DuPage County area residents continue to clean-up after the weekend storms, Illinois State Treasurer Dan Rutherford is encouraging residents, business owners, and local financial institutions to look into low-interest disaster recovery loans that are made possible with funding from the treasurer’s office.

“I offer my sympathies to victims of this nasty storm and I want to remind them of help that is available through my office. People whose homes, businesses, vehicles, and other property that have been damaged may need assistance after an extended power outage or damage from high winds,” said Rutherford.  “I want every victim of this storm to know what help is available.”

These “Disaster Recovery” loans 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 percent.  Loans are available to qualified borrowers who need help covering immediate costs that will eventually be covered by insurance (bridge loans), and to help cover costs if there is no insurance.  Loans can be repaid over a period of up to five years.  The interest is low because the treasurer’s office “buys down” the interest rate by depositing money at a discounted rate into an eligible financial institution. 

Local financial institutions are expected to partner with the treasurer’s office in the coming days to make these low-interest loans available. For more information, or to find an electronic version of the treasurer’s office application, go to www.treasurer.il.gov or call the Disaster Recovery Hotline at 866-523-0641.

Editor's note: The above is a media announcement from the Illinois State Treasurer's Office.