Illinois government offers low-interest flood recovery loans

A low-interest loan program is available to help individual property owners, businesses and farmers recover from weather-related property damage, according to a news release sent Frideay from Illinois State Treasurer Dan Rutherford.

The Disaster Recovery Linked Deposit Program makes deposits into lending institutions to help lower interest rates for borrowers. The April maximum interest rate is 2.36 percent for a two-year loan and 2.69 percent for a three-year loan. Rates are locked through the lending period.

Flood victims who expect insurance to cover their costs can use the Disaster Recovery program as a bridge loan for one year until reimbursement arrives. Those who sustain damage on uninsured property are allowed up to five years to repay their loans.

For an application and information, visit treasurer.il.gov or call the Illinois state treasurer's disaster recovery hotline at 866-523-0641.