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In August of last year, the Office of the Illinois State Fire Marshal (OFSM) offered a Fire Truck and Ambulance Revolving Loan Program. The Fire Truck and Ambulance Revolving Loan Programs are designed to assist emergency personnel purchase vehicles they otherwise couldn't afford. This loan program offered zero and low-interest loans to fire departments across the state to purchase new fire trucks and ambulances.
The Oak Forest Fire Department has been actively seeking to replace our aging fleet of fire apparatus, the department’s newest fire engine is already thirteen years old. After applying for the OFSM Fire Truck Revolving Loan, the Oak Forest Fire Department was approved last month for a loan secured in the amount of $350,000.00 at an interest rate of 1.89% for a term of 10 years. The loan agreement allows for accelerated payments with no penalties.
“These terms are excellent for the city,” said Interim City Administrator and Finance Director Colleen Julian. “To replace an outdated fire engine, the city began setting aside funds annually and would have had sufficient funds in 2 years. This loan allows us to move forward now and purchase at a lower cost.”
With the ever-increasing cost of new apparatus, this loan will bridge the gap to fund the purchase of a new equipment for the Fire Department in an effort to keep residents safe.
Contact:Patrick DuffyFire ChiefCity of Oak Forest Fire Department708-687-4050 ext. email@example.com