KFVS12 News & Weather Cape Girardeau, Carbondale, Poplar BluffLow interest loans available to flood victims in southern Ill.

Low interest loans available to flood victims in southern Ill.

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Walt Lewis of IEMA shows Treasurer Rutherford a sinkhole in Cairo. (Source: Office of the Illinois State Treasurer) Walt Lewis of IEMA shows Treasurer Rutherford a sinkhole in Cairo. (Source: Office of the Illinois State Treasurer)
CAIRO, IL (KFVS) -

Low interest loans are available to people whose homes, businesses, vehicles, and other property were damaged or destroyed by recent flooding in southern Illinois.

Illinois Treasurer Dan Rutherford toured Marion, Cairo, Metropolis, and Shawneetown Tuesday to survey the damage and promote the loans.

The loans allow home, business and farm owners to secure below-market rates for up to the first five years of a loan, according to the treasurer's office. The maximum interest rate is three percent. Loans will be available to help cover immediate costs that will eventually be covered by insurance (bridge loans), and to help cover costs if there is no insurance coverage. Loans can be repaid over a period of up to five years. The interest is low because the treasurer's office "buys down" the interest rate by depositing money at a discounted rate into an eligible financial institution.

So far, two banks have signed on:

For more information, or to find an electronic version of the treasurer's office application, go to www.treasurer.il.gov or call the Illinois Treasurer's Disaster Recovery Hotline at 866-523-0641.

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