April 15, 2016
WASHINGTON – Illinois businesses and residents affected by severe storms and flooding between Dec. 23, 2015 and Jan. 13, 2016,
can apply for low-interest disaster loans from the U.S. Small Business Administration, SBA Administrator Maria Contreras-Sweet announced today.
Administrator Contreras-Sweet made the loans available in response to a letter from Gov. Bruce Rauner on March 30, requesting a disaster declaration by the SBA.
The declaration covers Christian and Iroquois counties and the adjacent counties of Ford, Kankakee, Macon, Montgomery, Sangamon, Shelby, and Vermilion in Illinois; and Benton and Newton counties in Indiana.
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 Administrator Contreras-Sweet
Getting our businesses and communities up and running after a disaster is our highest priority at SBA.
SBA Customer Service Representatives will be at the Disaster Loan Outreach Centers to issue loan applications, answer questions and help individuals complete their applications.
The centers are located in the following communities and are open as indicated:
SBA Disaster Loan Outreach Centers (DLOC)
|Christian County||Iroquois County|
Kincaid City Hall
||Watseka City Hall|
|115 Central Avenue||201 North Brianna Drive|
|Kincaid, IL 62540||Watseka, IL 60970|
|Opens: Tuesday, April 19 at 8 a.m.||Opens: Tuesday, April 19 at 7:30 a.m.|
|Hours: 8 a.m. to 3:30 p.m., weekdays ||Hours: 7:30 a.m. to 4:30 p.m., weekdays|
|10 a.m. to 2 p.m., Saturday (closed Sunday)||10 a.m. to 2 p.m., Saturday (closed Sunday)|
|Closes: Thursday, April 28 at 3 p.m. ||Closes: Thursday, April 28 at 3 p.m.|
Businesses and nonprofit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets,
said SBA Illinois District Director Robert S. Steiner.
For small businesses, small agricultural cooperatives, small aquaculture businesses and private nonprofit organizations,
the SBA offers Economic Injury Disaster Loans (EIDLs) to help meet working capital needs caused by the disaster.
EIDL 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 disaster 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 Frank Skaggs, director of SBA’s Disaster 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 now include a safe room or storm shelter to help protect property and occupants from future damage caused by a similar disaster.
Interest rates are as low as 4 percent for businesses, 2.625 percent for nonprofit organizations, and 1.813 percent for homeowners and renters with terms up to 30 years.
Loan amount and terms are set by the SBA and are based on each applicant’s financial condition.
Survivors may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at https://disasterloan.sba.gov/ela.
Businesses and individuals may also obtain information and loan applications by calling the SBA’s Customer Service Center at 1-800-659-2955
(1-800-877-8339 for the deaf and hard-of-hearing), or by emailing firstname.lastname@example.org.
Loan applications can also be downloaded at www.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 submit applications for physical property damage is June 13, 2016. The deadline for economic injury applications is Jan. 13, 2017.