Qualifying homeowners, businesses in 17 Illinois counties may be eligible for low-interest, long term recovery loans
SPRINGFIELD – Governor JB Pritzker today announced the U.S. Small Business Administration (SBA) approved his request for a disaster declaration following one of the worst floods in Illinois history. The approved SBA disaster declaration makes low-interest loans available to homeowners, renters and businesses in Alexander, Jersey, Rock Island and Stephenson counties, as well as the contiguous counties of Jo Daviess, Winnebago, Carroll, Ogle, Whiteside, Henry, Mercer, Calhoun, Greene, Macoupin, Madison, Union and Pulaski.
SBA loans can help repair or replace damaged or destroyed real estate. Homeowners and renters can apply for loans to repair or replace damaged or destroyed personal property. Businesses and private non-profit organizations can apply for loans to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets.
“We are grateful to the U.S. Small Business Administration for its expedient approval of Illinois’ disaster declaration request. These low-interest, long-term loans will be a tremendous help to many people who are still struggling to repair or replace their homes or businesses,” said Alicia Tate-Nadeau, Acting Director of the Illinois Emergency Management Agency. “Meanwhile, our agency will meet with state and federal partners to identify additional resources or programs that may help the affected communities.”
The filing deadline to return applications for physical property damage is December 9, 2019. The deadline to return economic injury applications is July 10, 2020. Any individual or business needing additional information, or wishing to apply for a loan, should contact the SBA Customer Service Center at (800) 659-2955.
Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at DisasterLoan.sba.gov
. Loan applications can also be downloaded from www.sba.gov/disaster
. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
Disaster Loan Outreach Centers (DLOC) will be established throughout the state to provide a single point of contact for applicants to ask questions, get additional information and get help with the loan application process. The DLOC locations and hours of operation will be announced next week.