Ottawa Times - 6/9/2010
The state of Illinois is offering relief to Streator tornado victims.
State Treasurer Chief of Staff Robin Kelly announced Tuesday residents and business owners suffering damage from Saturday's tornado will be eligible for low-interest loans in declared disaster areas in La Salle, Putnam and Livingston counties through Opportunity Illinois:Disaster Recovery Loan Program.
Farmers are eligible for the Cultivate Illinois:Storm and Drought Loan Program.
Kelly said the program is meant for people in need of immediate relief for those who are underinsured or who need to make repairs before their insurance payments come.
Loans are offered in terms of one year and five years at a 4.5 percent interest rate.
"The idea is for people to stop using their credit cards at higher interest rates,"Kelly said. "This way people can rebuild immediately while they wait for that insurance check to come in the mail. We want communities to get back on track quickly."
To apply for these loans, those affected by the disaster must apply and receive approval from their local banks or online at www.treasurer.il.gov. Credit checks are necessary.
To be eligible, borrowers must: Own damaged property in an area declared a local, state or federal disaster area, secure a loan up to their damage amount with a participating lender, file the application within 90 days of the state or federal disaster declaration and use the money for disaster recovery.
There is no cap on how much a victim may borrow and Kelly said it is in the discretion of the lender.
Kelly said the loan program has been in existence for three years and has helped 750,000 people in the state.
"Those who've used it have seen it as an effective tool,"Kelly said.
Kelly noted funds for the program are not affiliated with the state's budget and work within a separate account with $8 billion in its portfolio.
For questions, people can call 866-523-0641.
The Illinois Department of Insurance also set up offices in Streator. The agency's mission is to answer insurance questions, complaints or disputes. To contact the Illinois Department of Insurance, people can call toll-free at 877-527-9431.
Powered by