Fire Truck Revolving Loan Program

Rural communities throughout Illinois have been able to purchase additional or replacement fire trucks through the Fire Truck Revolving Loan Program. This program, created via Public Act 93-0035, provides zero-interest loans for the purchase of fire trucks by a fire department, a fire protection district, or a township fire department in Illinois.

The program was initially funded with an appropriation of $10 million, deposited into a special Fire Truck Revolving Loan Fund in the State Treasury. As loans made under the program are repaid, the funds are returned to the program so that they can be re-loaned for the purchase of fire trucks. The Fire Truck Revolving Loan Program is jointly administered by the Office of the State Fire Marshal and the Illinois Finance Authority.

As of Oct 2007:

• 82 fire truck loans have been made across the State:
  

  

• $9.4 million has been loaned to date

Program Administration

The Illinois Finance Authority and the Office of the State Fire Marshal jointly administer the program. Applications are available from the Office of the State Fire Marshal. Loans are based upon need as determined by the State Fire Marshal and upon the repayment capacity as determined by the Illinois Finance Authority. The ability to fund a loan is dependent upon the availability of funds in the revolving loan pool.

Requirements

• Loans not to exceed $250,000
• Repayment period may not exceed 20 years
• Must repay each year at least 5% of the principal amount borrowed or the remaining balamce of the loan, whichever is less.

To determine availibility of funds,

Please contact the Office of the State Fire Marshal.