Low-Interest Disaster Recovery Loans Available for Storm Victims

The Following information is provided by the City of St. Charles.

Low-interest disaster recovery loans are available through the Illinois State Treasurer’s office for west suburban residents and business owners who sustained damages in the recent storms.

The loans allow home, business and farm owners to secure below-market rates for up to the first five years of a loan. The maximum interest rate is three percent. Loans are available to qualified borrowers who need help covering immediate costs that will eventually be covered by insurance (bridge loans), and to help cover costs if there is no insurance. Loans can be repaid over a period of up to five years.

Local financial institutions are expected to partner with the treasurer’s office in the coming days to make these low-interest loans available. For more information, or to find an electronic version of the treasurer’s office application, go to www.treasurer.il.gov  or call the Disaster Recovery Hotline at 866-523-0641.