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State Treasurer Dan Rutherford toured the Ohio River flood zones to promote low-interest disaster recovery loans.
Rutherford's office is working with local banks such as Farmers' State Bank, Banterra and Legence Bank to provide loans to people affected by the flooding.
The loans are applied for and available through local banks at 3 percent interest, Rutherford said.
"It's not a grant. I don't have those. Everything I can do in the state treasurer's office is in the purview of this loan," Rutherford said.
The interest rate is kept low because the Treasurer's office buys down the interest rate by depositing money at a discounted rate into participating banks.
Loans are available to cover actual costs of damage and costs that will eventually be covered by insurance. The loans also cover costs not covered by insurance.
The loans can be repaid over a period of up to five years.
Bankers who attended Rutherford's presentation advised people to contact a loan officer to get the process started.
It's a very good program, low interest, and all the banks here would be glad to talk to you," Mike Williams of Farmers' State Bank said.
Renters are eligible for the program under the rules of the Treasurer's office, but local banks will make the ultimate determination on whether an applicant must own the property.
The program was altered last week when Rutherford learned the program used to require a federal or state disaster declaration. He took out that requirement on Thursday.
"If it's a disaster in your mind and your local institution participates with you, it's a disaster," Rutherford said.
A federal disaster declaration requires a request from the governor. One of the criteria for a federal disaster declaration is $16.1 million in damage.
Damage assessment takes time. Some of the assessment has to wait until water recedes and damage can be seen, Rutherford said.
Rutherford plans to send people from his office to Southern Illinois to assist in the damage assessment, he said.
-- To get an application through the Treasurer's office, you may call 866-523-0641 or visit www.treasurer.il.gov. You may also apply through any participating bank, such as Legence Bank, Farmers' State Bank or Banterra Bank.
State Treasurer Dan Rutherford toured the Ohio River flood zones to promote low-interest disaster recovery loans.
Rutherford's office is working with local banks such as Farmers' State Bank, Banterra and Legence Bank to provide loans to people affected by the flooding.
The loans are applied for and available through local banks at 3 percent interest, Rutherford said.
"It's not a grant. I don't have those. Everything I can do in the state treasurer's office is in the purview of this loan," Rutherford said.
The interest rate is kept low because the Treasurer's office buys down the interest rate by depositing money at a discounted rate into participating banks.
Loans are available to cover actual costs of damage and costs that will eventually be covered by insurance. The loans also cover costs not covered by insurance.
The loans can be repaid over a period of up to five years.
Bankers who attended Rutherford's presentation advised people to contact a loan officer to get the process started.
It's a very good program, low interest, and all the banks here would be glad to talk to you," Mike Williams of Farmers' State Bank said.
Renters are eligible for the program under the rules of the Treasurer's office, but local banks will make the ultimate determination on whether an applicant must own the property.
The program was altered last week when Rutherford learned the program used to require a federal or state disaster declaration. He took out that requirement on Thursday.
"If it's a disaster in your mind and your local institution participates with you, it's a disaster," Rutherford said.
A federal disaster declaration requires a request from the governor. One of the criteria for a federal disaster declaration is $16.1 million in damage.
Damage assessment takes time. Some of the assessment has to wait until water recedes and damage can be seen, Rutherford said.
Rutherford plans to send people from his office to Southern Illinois to assist in the damage assessment, he said.
-- To get an application through the Treasurer's office, you may call 866-523-0641 or visit www.treasurer.il.gov. You may also apply through any participating bank, such as Legence Bank, Farmers' State Bank or Banterra Bank.
