Loans available for storm victims

Low-interest loans are available to storm victims living in Cook, DeKalb, DuPage, Kane, Lake and McHenry counties, according to State Treasurer Alexi Giannoulias.

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," Giannoulias said. "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. Loans also were opened to residents of the city of Rockford and Winnebago County in August 2007 because of flooding.

For details on participating financial institutions and the application process, call Opportunity Illinois at (312) 814-1244 or e-mail opportunityillinois@ treasurer.state.il.us.