Cultivate Illinois Storm and Drought Loan


  • Office of the State Treasurer
  • 300 West Jefferson St., 2nd floor,
  • Springfield, IL 62702
  • Phone: (217) 557-6436
  • Fax:
  • TDD:
  • Email: cultivateillinois@treasurer.state.il.us
  • Website: treasurer.il.gov/

Purpose of the Program

Under the Cultivate Illinois Storm & Drought Loan Program, the Treasurer’s Office provides low-interest loans to agricultural professionals whose property has sustained substantial weather-related damage.

Who is Eligible

Program Eligibility:

Storm & Drought victim’s property must be in a location declared an agricultural disaster area by an appropriate government official.

The loan application must be filed by a participating lender within 90 days of the disaster declaration.

The loan must be used to pay the costs of repairs and expenses related to the weather emergency.

Application Process

How to Apply:

 

  1. Contact the Treasurer’s Storm and Drought division at (217) 557-6436 to confirm you qualify for the program and to receive a list of participating financial institutions;

 

  1. Meet with a loan officer at a participating financial institution and secure loan approval. The financial institution must agree to use the program;

 

  1. After you are approved for a loan, an Application for Deposit must be completed by the financial institution and a Program Application for the Bridge Loan or the Uninsured Loan must be completed by the borrower. The Application for Deposit and the Program Application can be faxed to our Banking Division at (217) 522-1217;

 

  1. If the application is approved and the lender has sufficient collateral, our Banking Division will perform a 24-hour transfer of funds via ACH into the financial institution so that the funds are made available to the borrower.

 

For more information about your loan possibilities, contact the Cultivate Illinois office at (217) 557-6436 or cultivateillinois@treasurer.state.il.us or call the Disaster Recovery hot line at (866) 523-0641. Lenders with questions should call our banking division at (217) 782-2072.

 

Availability of Funds

Amounts and Terms:

 

Storm & Drought victims with insurance coverage are eligible for low-interest rate loans up to the costs of repairs and expenses, to a total of $100,000, with interest-only payments for one year. The loan is designed to be paid off with an insurance settlement or other aid payment within the 12-month term.

Storm & Drought victims without insurance coverage are eligible for low-interest rate loans up to their damage amount with interest-only payments for one year or interest and principal payments for up to five years. A compliance review is required for loans with terms over two years.

How Funds are to be used

The loan must be used to pay the costs of repairs and expenses related to the weather emergency.

Types of Assistance

Loans

Year Program was established