Low-interest loans available to repair storm damage

Residents whose homes, businesses or farms were damaged in Sunday’s strong storm may be in line for some help.

A program administered by the state treasurer’s office is offering disaster recovery loans to owners of properties damaged in the storm. The loans come at a maximum interest rate of 3 percent and can be repaid over up to five years.

“People whose homes, businesses, vehicles and other property have been damaged may need assistance after an extended power outage or damage from high winds,” Illinois Treasurer Dan Rutherford said in a news release. “I want every victim of this storm to know what help is available.”

The loans can assist with damage caused directly by wind or rain, or indirectly by a storm-related power outage. Some towns, such as Lombard and Wheaton, declared disaster zones or states of emergency, but even without such an official designation, property owners may be eligible for loan assistance.

“(Applicants) need to have had weather-related damage on their home or property. There doesn’t need to be a disaster declaration,” said Matt Butterfield, treasurer’s office spokesman.

Disaster recovery loans can help pay for repairs not covered by insurance or help handle immediate costs until insurance payments come in. The treasurer’s office deposits funds into eligible banks to bring down the interest rates and keep the loans affordable, Butterfield said.

Nine banks in DuPage County are approved state depositories. Four of them have shown interest in offering disaster recovery loans, but the treasurer’s office is awaiting confirmation of which banks will be participating in the program.

The county has not created an assistance program specifically for damage from Sunday’s storms, said David Gervino, emergency management coordinator for DuPage’s Office of Homeland Security and Emergency Management. A total damage estimate is not yet available, he said Friday.

“The county is promoting existing programs through the state treasurer’s office,” Gervino said.

Property owners can apply for the treasurer’s disaster recovery loans by using the online application at treasurer.il.gov or calling the disaster recovery hotline at (866) 523-0641.