SPRINGFIELD, IL (KFVS) - With the recent flooding throughout the state, Illinois State Treasurer Dan Rutherford is reminding flood victims that aid is available through the treasurer’s Disaster Recovery Linked Deposit Program.
According Rutherford, the program helps residents, businesses and farmers get low-interest loans to recover from weather-related damage to their property.
After a loan is approved, Rutherford says the state makes a deposit into the financial institution which helps lower the interest rate to the borrower, effectively making the repairs more affordable.
The maximum interest rate for qualifying borrowers is 2.36 percent for a two-year loan and 2.69 percent for a three-year loan for the month of April 2013. The rate is locked in for the duration of the period. The program caps the interest rate at 3 percent for qualified borrowers at participating financial institutions.