IL 13579 - SBA Has Approved Over $50 Million in Disaster Loans in Illinois; Loans May Include Funds for Mitigation

Release Date: Thursday, August 1, 2013
Release Number: 13-652
Related State:
Illinois
Field Operations Center: East
Contact: Michael Lampton
ATLANTA –The U. S. Small Business Administration has approved over $50 million in Disaster Assistance Loans for residents and businesses in Illinois affected by the severe storms, winds and flooding between April 16 and May 5, 2013.   The deadline to file an SBA disaster loan application for physical damage is Thursday, Aug. 8.
 
“Currently 2,251 disaster loans have been approved in the amount of $53,368,300 for affected survivors,” said Frank Skaggs, director of SBA’s Field Operations Center East in Atlanta.  “These loans provide residents and businesses an affordable way to finance a full recovery from the disaster, and can include funds for mitigation.”
 
Applicants may be eligible for a loan amount increase up to 20 percent of their physical damages, as verified by the SBA, to make improvements that help prevent the risk of future property damage caused by a similar disaster.
 
SBA disaster loans are available to homeowners, renters, businesses of all sizes and most private non-profit organizations to cover uninsured losses from the disaster.  Interest rates are as low as 1.688 percent for homeowners, 2.875 percent for  private non-profit organizations and 4 percent for businesses.  Loan terms can be up to 30 years. 
 
To be eligible for SBA disaster assistance for physical losses, applicants must apply for the loan before the deadline.  Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at https://disasterloan.sba.gov/ela.
 
Disaster loan information and application forms may also be obtained by calling the SBA’s Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an email to disastercustomerservice@sba.gov.  Loan applications can 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.
 
The filing deadline to return applications for physical property damage is  August 8, 2013.  The deadline to return economic injury applications is February 10, 2014.
 
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