Following the unrelenting rain storms that pelted Chicagoland this weekend, Illinois State Treasurer Alexi Giannoulias announced that the state is offering low-interest loans to the owners of homes and businesses that sustained weather-related damage. From a press release his office sent out this afternoon:
Through the State Treasurer's Office, 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.
"Many times, storm victims need to make immediate repairs to their homes and businesses while they wait for insurance or aid payments," Giannoulias said. "We help them obtain affordable rates so they can rebuild and get their lives back on track without delay."
Earlier this year, Giannoulias offered the same opportunity to victims of the flooding along the Mississippi River. To find out if you qualify, call the Disaster Recovery hotline at (866) 523-0641 or email opportunityillinois@treasurer.state.il.us.
Image of Blackberry Farms in Aurora used under a Creative Commons license by Flickr user BitHead.
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