Low-interest loans available for homeowners, business owners and farmers affected by tornadoes

With La Salle, Livingston, Peoria and Putnam counties declared as state disaster areas, people who lost their houses and businesses and farmers are eligible for low-interest disaster recovery loans.

Homeowners and business owners can apply for a Disaster Recovery Loan while farmers can apply for the Cultivate Illinois: Storm and Drought Loan.

The state treasurer’s office gets below-market interest rates for storm victims in declared disaster areas that finance their disaster repairs by going to a local bank.  Loan rates would be no more than 4 and a half percent.

If you expect insurance to cover your damages, you can qualify for one-year bridge loans with interest-only payments. Those loans will be paid off in one lump sum when insurance or aid comes through.

If you’re underinsured, you would qualify for low-interest loans with repayment terms of up to five years.

To participate in the loan programs, you must file the application within 90 days of the state or federal disaster declaration.

If you are a homeowner, business owner or banker you can call the storm victim hotline at (866) 523-0641 or email opportunityillinois@treasurer.state.il.us.

If you are a farmer or banker who needs more information on Cultivate Illinois, call the storm/drought division at 217-558-6217 or email cultivateillinois@treasurer.state.il.us.