New Oak Forest Fire Department Loan Will Help Buy New Engines

OAK FOREST, IL — The Oak Forest Fire Department was approved last month for a low-interest loan that will permit the department to update its aging engine fleet.

The loan is OFSM Fire Truck Revolving Loan is designed to help emergency personnel purchase vehicles they otherwise couldn't afford. The loan program offers zero and low-interest loans to fire departments across the state to purchase new fire trucks and ambulances.

Oak Forest's loan is for $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.

The department has been working to replace its aging fleet of fire engines — the department’s newest fire engine is 13 years old

“These terms are excellent for the city,” said Interim City Administrator and Finance Director Colleen Julian in a statement. “To replace an outdated fire engine, the city began setting aside funds annually and would have had sufficient funds in two years. This loan allows us to move forward now and purchase at a lower cost.”