Fire Truck Revolving Loan Program Application Period Opens
CHICAGO, IL â€“ The Office of the State Fire Marshal (OSFM) and the Illinois Finance Authority (IFA) are pleased to announce the launch of the Fire Truck Revolving Loan Program application period. This year, $14 million in loans are being made available through the Fire Truck Revolving Loan Program to be used by fire departments to fund the purchase of fire trucks and brush trucks. The application period will run from October 15th to December 12th, 2014.
â€œThese loans can help departments across the state get newer, more reliable equipment than they are currently using,â€ said State Fire Marshal Larry Matkaitis.
The Fire Truck Revolving Loan Program provides zero percent or low-interest loans up to $350,000 toward the purchase of fire trucks or brush trucks, and loans must be repaid within 20 years. Fire departments, fire protection districts, and township fire departments that are units of local government are all eligible for these loans.
This summer Governor Pat Quinn signed legislation which increased the cap on loans through the Fire Truck Revolving Loan Program from $250,000 to $350,000. The newly increased loan cap allows fire departments to buy newer, more advanced vehicles than they might otherwise have been able to afford.
In 2012, the Office of the State Fire Marshal awarded $4.2 million to 19 recipients through the Fire Truck Revolving Loan Program. This year, the OSFM anticipates that increased funding and a newly increased loan cap will allow many more departments to fund the purchase of newer fire trucks and brush trucks, and in turn, provide more effective service to their local districts.
For more information about the program please visit: http://www.sfm.illinois.gov/fireservice/FireTruckLoanProgram.aspx