Low-interest loan program may help flood victims

SPRINGFIELD — Illinois residents suffering damage from recent flooding may be able to get low-interest loans for repairs.

State Treasurer Dan Rutherfod is reminding residents of his office's Disaster Recovery program. It helps lower interest rates for qualified borrowers with weather-related damage.

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

Loans must be secured from participating financial institutions.

For more information, click on the Disaster Recovery page on the treasurer's website or call the Illinois State Treasurer's Disaster Recovery Hotline at 866-523-0641.