Under the Opportunity Illinois: Disaster Recovery Loan Program, the Treasurer’s Office secures below-market interest rates for storm victims in state declared disaster areas which finance their disaster repairs through participating lenders.
Residents and businesses that expect insurance to cover their damages can qualify for one-year bridge loans with interest-only payments. These loans are designed to be paid off in one lump sum when insurance or aid comes through.
Underinsured residents and businesses can qualify for low-interest loans with repayment terms of up to five years. The underinsured storm victims must make payments on the interest and principal for loans exceeding one year. Also, loans with terms longer than two years require a compliance review.
The loans not only save flood victims money, they're available more quickly than traditional insurance or other aid, Giannoulias said in a statement.
Those interested in learning more can call the Disaster Recovery hotline at (866) 523-0641 or email opportunityillinois@treasurer.state.il.us.
(H/T David Ormsby)
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