SBA ready to assist Illinois residents affected by severe storms
WASHINGTON – The U.S. Small Business Administration is offering low-interest loans to businesses, organizations, homeowners and renters affected by the Nov. 17 tornadoes.
The president’s recent disaster declaration covers 15 counties, including Grundy County. All the counties are eligible for both physical and economic injury disaster Loans. Small businesses and most nonprofit organizations in counties adjacent to the declared counties also are eligible to apply, but only for economic injury loans, according to a news release from the SBA.
Loans up to $200,000 are available to homeowners for real estate. Homeowners and renters are eligible up to $40,000 for personal property.
The filing deadline for applications for physical property damage is Jan. 27 and Aug. 26 for economic injury, according to the news release.
Businesses and nonprofits may borrow up to $2 million to repair real estate, inventory and other assets. SBA may increase a loan up to 20 percent to make upgrades that lessen the risk of property damage by future disasters.
For small businesses, agricultural cooperatives, aquaculture businesses and nonprofits, SBA offers economic injury loans to help meet working capital needs. This assistance is available regardless if the business suffered property damage or not.
Interest rates are as low as 2.250 percent for homeowners and renters, 2.625 percent for non-profits and 4 percent for businesses with terms up to 30 years.
Applicants are online at disasterloan.sba.gov/ela. Register online at DisasterAssistance.gov or call FEMA at 800-621-3362 from 7 a.m. to 10 p.m. to be considered for assistance,