SBA helping small busineses affected by severe storms and flooding.
Low-interest federal disaster loans are available to businesses and residents in Hancock, Sangamon, Vermilion and Washington counties inIllinois, affected by severe storms and flooding that occurred June 29 through July 2, 2023.
The deadline to apply for property damage is Jan. 2, 2024. The deadline to apply for economic injury is Aug. 2, 2024.
SBA acted under the Disaster Assistance for Rural Communities Act to declare a disaster in response to a request received from Gov. JB Pritzker.
Beginning Monday, Nov. 6 SBA customer service representatives will be available at the Disaster Loan Outreach Centers to answer questions about SBA’s disaster loan program, explain the application process and help each individual complete their application. The centers will be open as indicated below. No appointment is necessary.
Businesses of all sizes and private 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.
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size, SBA offers Economic Injury Disaster Loans (EIDLs)to help meet working capital needs caused by the disaster. Economic injury assistance is available regardless of whether the business suffered any property damage.
Disaster loans up to $500,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for up to $100,000 to repair or replace damaged or destroyed personal property, including personal vehicles.
SBA can also lend additional funds to businesses and homeowners to help with the cost of improvements to protect, prevent or minimize future disaster damage. Approved loans may qualify for a loan amount increase of 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.
Interest rates can be as low as 4% for businesses, 2.375% for private nonprofit organizations and 2.5% for homeowners and renters with terms up to 30 years. Interest does not begin to accrue, and monthly payments are not due, until 12 months from the date of the initial disbursement. The SBA sets loan amounts and terms based on each applicant’s financial condition.
Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at sba.gov/disaster and should apply under SBA declaration # 20018.
Disaster loan information and application forms can also be obtained by calling the SBA’s Customer Service Center at 800-659-2955 (if you are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services) or sending an email to [email protected]. Loan applications can also be downloaded from 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.
