PARK FOREST – Families and businesses impacted by the severe storms and flash flooding in central Illinois that occurred earlier this month could be eligible for recovery assistance from the U.S. Small Business Administration, State Senator Patrick Joyce (D-Essex) announced Wednesday.
Families in the surrounding counties of Champaign, Iroquois, Ford, Livingston, McLean and Vermilion are also eligible to apply for the SBA’s low-interest, long-term loans to boost flood recovery efforts.
“Following a disaster, it’s important for the community to come together and help each other heal,” Joyce said. “Assistance from the U.S. Small Business Administration can give families the boost they need to bounce back.”
The SBA Disaster Declaration makes three types of loans available to storm survivors:
- Physical Disaster Loans: Loans to businesses to repair or replace disaster-damaged property owned by the business, including real estate, inventory, supplies, machinery and equipment. These applications must be received by the SBA no later than Oct. 22, 2021.
- Economic Injury Disaster Loans: Working capital loans to help small businesses, small agricultural cooperatives and most private nonprofits meet their ordinary and necessary financial obligations that cannot be met as a result of the disaster. These applications must be submitted to the SBA no later than May 23, 2022.
- Home Disaster Loans: Loans to homeowners or renters to repair or replace disaster-damaged real estate and personal property. SBA regulations limit home loans to $200,000 for the repair or replacement of real estate and $40,000 to repair or replace personal property. These loan applications are due Oct. 22, 2021.
A Disaster Loan Outreach Center will be established in Ford County to help walk storm survivors through the application process. The center will be located at Gibson City Fire Department, 115 S. Lawrence St. Residents can visit the center for assistance Aug. 26 through Sept. 9, from 9 a.m. to 6 p.m. Monday through Friday, and 10 a.m. to 2 p.m. Saturday.
Applicants can apply and receive additional disaster information here or by calling the SBA Customer Service line at 800-659-2955.
People impacted by the disaster can visit the Ready Illinois website to find a list of available resources, or contact their local emergency management office or the American Red Cross for assistance.