IL 12766 - SBA Offers Disaster Assistance to Illinois Residents Affected by the Severe Storms and Flooding

Release Date: Wednesday, August 31, 2011
Release Number: 11-689
Related State:
Illinois
Iowa
Wisconsin
Field Operations Center: East
Contact: Michael Lampton
WASHINGTON – Residents and businesses affected by the severe storms and flooding that occurred on July 27-28, can apply for low-interest disaster loans from the U.S. Small Business Administration, SBA Administrator Karen G. Mills announced today. 
 
Mills made the loans available in response to a letter from Illinois Gov. Pat Quinn on Aug. 26, requesting a disaster declaration by the SBA.  The declaration covers Jo Daviess and Stephenson counties and the neighboring counties of Carroll, Ogle and Winnebago in Illinois; Dubuque and Jackson in Iowa; and Grant, Green and Lafayette in Wisconsin.
 
“The SBA is strongly committed to providing the people of Illinois with the most effective and customer-focused response possible to assist homeowners, renters, and businesses of all sizes with federal disaster loans,” said Administrator Mills.  “Getting businesses and communities up and running after a disaster is our highest priority at SBA.”
 
“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,” said Frank Skaggs, director of SBA’s Field Operations Center East in Atlanta.  SBA’s customer service representatives will be on hand at the Disaster Loan Outreach Centers to answer questions about the disaster loan program, explain the process, issue and help individuals complete their applications.
 
The Centers will be open as follows:
                             Open:     Wednesday, Sept. 7 through Thursday, Sept 15, 2011
                             Hours:     8:30 a.m. to 4:30 p.m. (closed Saturday and Sunday)
                             Closing:   Thursday, Sept. 15, 2011 at the close of business
Jo Daviess County
West Galena Township Building
607 Gear Street
Galena, Illinois  61036
 
Stephenson County
Stephenson County Emergency Management Agency
295 W. Lamm Road
Freeport, Illinois 61032
 
  
“Businesses and non-profit organizations of any size may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets,” said Judith Roussel, SBA’s Illinois district director.
  
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 improvements that lessen the risk of property damage by future disasters of the same kind.
 
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private nonprofit organizations of all sizes, 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.
 
Interest rates are as low as 2.5 percent for homeowners and renters, 3 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.
 
Individuals and businesses unable to visit the Center may obtain information on loan applications 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 also be downloaded from the SBA website at www.sba.gov.  Completed applications should be returned to the Centers or mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155. 
 
Those affected by the disaster may also apply for disaster loans electronically from SBA’s website at https://disasterloan.sba.gov/ela/.
 
The filing deadline to return applications for physical property damage is October 28, 2011.  The deadline to return economic injury applications is May 29, 2012.
 
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For more information about the SBA’s Disaster Loan Program, visit our website at www.sba.gov.

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