SBA offers disaster assistance to businesses, residents of Illinois affected by flooding | News

SBA offers disaster assistance to businesses, residents of Illinois affected by flooding | News

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WASHINGTON – Illinois businesses and residents affected by flooding on Aug. 12, 2021, may apply for low-interest disaster loans from the U.S. Small Business Administration Administrator Isabella Casillas Guzman announced recently.

Administrator Guzman made the loans available in response to a letter from Illinois Gov. J.B. Pritzker on Aug. 20, requesting a disaster declaration by the SBA. Businesses and residents in the declared area can now apply for low-interest disaster loans from the SBA. The declaration covers Ford County and the adjacent counties of Champaign, Iroquois, Kankakee, Livingston, McLean, and Vermilion in Illinois.

“The SBA is strongly committed to providing the people of Illinois with the most effective and customer-focused response possible to assist businesses of all sizes, homeowners, and renters with federal disaster loans,” said Guzman. “Getting businesses and communities up and running after a disaster is our highest priority at SBA.”

To assist businesses and residents affected by the disaster, the SBA will open a Disaster Loan Outreach Center (DLOC) in Ford County on Thursday, Aug. 26 at 9 a.m. as indicated below:

Disaster Loan Outreach Center (DLOC)

Gibson City Fire Department

Opening: Thursday, Aug. 26 at 9 a.m.

Hours: Monday – Friday, 9 a.m. to 6 p.m.

Open: Saturdays, 10 a.m. to 2 p.m.

Closes Permanently: Thursday, Sept. 9 at 4 p.m.

Customer Service Representatives will be available at the DLOC to answer questions about the disaster loan program and help individuals complete their applications. Due to the ongoing COVID-19 pandemic, the SBA has established protocols to help protect the health and safety of the public. All visitors to the DLOC are encouraged to wear a face mask.

“Businesses and private nonprofit organizations may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets,” said SBA’s Illinois District Director Robert Steiner.

For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations, the SBA offers Economic Injury Disaster Loans (EIDL)to help meet working capital needs caused by the disaster. EIDL Loan assistance is available regardless of whether the business suffered any physical property damage.

“Loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for loans up to $40,000 to repair or replace damaged or destroyed personal property,” said Kem Fleming, director of SBA’s Field Operations Center East in Atlanta.

Applicants may be eligible for a loan amount increase up to 20 percent of their physical damages, as verified by the SBA for mitigation purposes. Eligible mitigation improvements may include a safe room or storm shelter, sump pump, French drain, or retaining wall to help protect property and occupants from future damage caused by a similar disaster.

Interest rates are as low as 2.855 percent for businesses, 2 percent for nonprofit organizations, and 1.563 percent for homeowners and renters, with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.

Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at DisasterLoanAssistance.sba.gov/ela/s and should apply under SBA declaration # 17112.

Disaster loan information and application forms may also be obtained by calling the SBA’s Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by emailing [email protected]. Loan applications may be downloaded at sba.gov/disaster

Completed applications should be returned to the center or mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

The filing deadline to return applications for physical property damage is Oct. 22, 2021. The deadline to return economic injury applications is May 23, 2022.

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