The U.S. Small Business Administration reminds businesses, homeowners, renters and private nonprofit organizations, in East Central Illinois of the deadline to submit disaster loan applications. This applies to the severe storms and flooding from earlier in the year (February. 14 through March 4, 2018).
The deadline to submit applications for damage is July 6, 2018.
Low-interest disaster loans are available in Iroquois, Kankakee and Vermilion counties and the adjacent counties of Champaign, Douglas, Edgar, Ford, Grundy, Livingston and Will in Illinois; and Benton, Lake, Newton, Vermillion and Warren in Indiana.
Businesses of any size 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. 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 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.
Interest rates are as low as 3.58 percent for businesses, 2.5 percent for nonprofit organizations, and 1.813 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 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 to help protect property and occupants from future damage caused by a similar disaster.
Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at DisasterLoan.sba.gov.