Aid offered to storm victims in Knox and Warren counties

September 6, 2007

Low-interest loans are available to storm victims in Knox and Warren counties, Illinois State Treasurer Alexi Giannoulias said Thursday.

Under the Opportunity Illinois Disaster Loan program, the Treasurer’s Office provides low-interest bridge loans to victims whose property has sustained weather-related damage. The loans are available to residents living in declared disaster areas who are waiting for insurance settlements or other aid programs to take effect.

To receive the low-interest rate, residents must secure the loan at a bank or financial institution that participates in the state’s linked deposit program. They may secure a loan up to the damage amount. 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.

In August, the Treasurer made loans available to storm victims in Cook, DeKalb, DuPage, Grundy, Kane, LaSalle, Lake and McHenry after the Governor declared them disaster areas and Stephenson and Winnebago counties after the President declared them disaster areas.

For more information on applying for a loan, finding a participating financial institution, or becoming a participating financial institution, call Opportunity Illinois at (312) 814-1244 or email opportunityillinois@treasurer.state.il.us.

 
     
 
Back to Press Releases
 
   

Employ Illinois gives business owners access to capital to start or enhance their businesses with the help of low- interest rate loans.

Opportunity Illinois backs low-interest loans to consumers and community development agencies to improve the quality of life in Illinois.

Cultivate Illinois offers four financing options to help farmers secure low-interest loans to offset rising costs associated with farming.
Money Market and Prime Funds allow local government entities to pool their investments to gain a higher rate of return for their residents.
Online bill paying gives people with busy schedules a quick and convenient way to pay government bills and fees.