Disaster Recovery Linked Deposit available for flood victims - WREX.com – Rockford’s News Leader

Disaster Recovery Linked Deposit Program available for flood victims

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SPRINGFIELD (WREX) -

Flooding is still affecting many people throughout the state, but a program through the Illinois State Treasurer's Office may be able to help.

The Disaster Recovery Linked Deposit Program can help residents, businesses, and farmers get low-interest loans to fix weather-related damage to their property. Once a loan is approved, the state will make a deposit into the financial institution to help lower the interest rate to the borrower and make the repairs more affordable.

The maximum interest rate for those who qualify is 2.36 percent for a two-year loan and 2.69 percent for a three-year loan during April 2013. That rate is locked for the duration of the period. The interest rate will be capped at three percent for qualified borrowers at participating financial institutions.

The program can be used as a bridge program for one year if borrowers expect insurance to eventually cover the costs. Those who have damage to uninsured property have up to five years to repay the loans.

To find more information and an application, visit www.treasurer.il.gov and click on the Disaster Recovery page or call the Illinois State Treasurer's Disaster Recovery Hotline at 866-523-0641.

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