New disaster assistance for residents and businesses in Livingston County and McLean County
SPRINGFIELD (Heart of Illinois ABC) – On Monday, the U.S. Small Business Administration (SBA) approved the state’s request for assisting residents and businesses financially hurt from recent severe weather.
The new disaster assistance is meant to boost flood recovery efforts in Ford County as well as surrounding counties, including Livingston County and McLean County.
According to a press release, the SBA disaster declaration makes three types of loans available to storm victims, which include the following:
- 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 October 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 October 22, 2021.
To be eligible for this declaration, at least 25 homes and/or business in an Illinois county had to have sustained major uninsured losses of at least 40 percent.
Applicants seeking the additional assistance can apply online at https://disasterloan.sba.gov/ela, or call SBA Customer Service at (800) 659-2955.