SBA Stands Ready to Assist Illinois Residents Affected by Severe Storms and Tornadoes
WASHINGTON, Nov. 27, 2013 /PRNewswire-USNewswire/ -- U.S. Small Business Administration Acting Administrator Jeanne Hulit issued the following statement after the announcement of the Presidential disaster declaration in Illinois due to severe storms and tornadoes on November 17:
"The U.S. Small Business Administration is strongly committed to providing the people of
Illinois with the most effective and customer-focused response possible to assist homeowners, renters, and businesses with federal disaster loans. Getting businesses and communities up and running after a disaster is our highest priority at SBA."
The disaster declaration covers Champaign, Douglas, Fayette, Grundy, Jasper, La Salle, Massac, Pope, Tazewell, Vermilion, Wabash, Washington, Wayne, Will and Woodford counties in Illinois, which are eligible for both Physical and Economic Injury Disaster Loans from the SBA.
Small businesses and most private non-profit organizations in the following adjacent counties are eligible to apply only for SBA Economic Injury Disaster Loans: Bond, Bureau, Clark, Clay, Clinton, Coles, Cook, Crawford, Cumberland, DeKalb, DuPage, Edgar, Edwards, Effingham, Ford, Fulton, Hamilton, Hardin, Iroquois, Jefferson, Johnson, Kankakee, Kendall, Lawrence, Lee, Livingston, Logan, Marion, Marshall, Mason, McLean, Montgomery, Moultrie, Peoria, Perry, Piatt, Pulaski, Putnam, Randolph, Richland, Saint Clair, Saline, Shelby, White and Williamson in Illinois; Benton, Gibson, Knox, Lake, Vermillion, and Warren in Indiana; Livingston and McCracken in Kentucky.
Disaster loans up to $200,000 are available to homeowners to repair or replace disaster damaged or destroyed real estate. Homeowners and renters are eligible up to $40,000 to repair or replace disaster damaged or destroyed personal property.
Businesses and private non-profit organizations of any size may borrow up to $2 million to repair or replace disaster damaged or destroyed real estate, machinery and equipment, inventory, and other business assets. The SBA may increase a loan up to 20 percent of the total amount of disaster damage to real estate and/or leasehold improvements, as verified by SBA, to make upgrades that lessen the risk of property damage by future similar disasters.
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private non-profit organizations of all sizes, the SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic Injury Disaster Loan assistance is available regardless of whether the business suffered any physical property damage.
Interest rates are as low as 2.250 percent for homeowners and renters, 2.625 percent for
non-profit organizations and 4 percent for businesses 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 apply online using the Electronic Loan Application (ELA) via SBA's secure website at https://disasterloan.sba.gov/ela.
To be considered for all forms of disaster assistance, applicants should register online at www.DisasterAssistance.gov or by mobile device at m.fema.gov. If online or mobile access is unavailable, call the FEMA toll-free Helpline at 800-621-3362. Those who use 711-Relay or Video Relay Services should call 800-621-3362. The toll-free numbers will operate from 7 a.m. to 10 p.m. (local time) daily until further notice.
Additional details on the locations of Disaster Recovery Centers and the loan application process can be obtained by calling the SBA Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an email to firstname.lastname@example.org.
The filing deadline to return applications for physical property damage is January 27, 2014. The deadline to return economic injury applications is August 26, 2014.
For more information about the SBA's Disaster Loan Program, visit our website at www.sba.gov/disaster.
Release Number: 14-056, IL 13829/13830
Contact: Michael Lampton
Phone: (404) 331-0333
SOURCE U.S. Small Business Administration