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IL 13179 - April 1 Deadline Approaching in Illinois for SBA Working Capital Loans Due to Drought
ATLANTA - The U.S. Small Business Administration is reminding small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private non-profit organizations of all sizes that April 1 is the filing deadline for federal economic injury disaster loans available in Illinois as a result of the drought that began on July 24, 2012.
The declaration covers the following counties: Adams, Bond, Boone, Brown, Bureau, Calhoun, Carroll, Cass, Champaign, Christian, Clark, Clay, Clinton, Coles, Crawford, Cumberland, DeKalb, DeWitt, Douglas, Edgar, Edwards, Effingham, Fayette, Ford, Franklin, Fulton, Greene, Grundy, Hamilton, Hancock, Henderson, Henry, Iroquois, Jackson, Jasper, Jefferson, Jersey, Jo Daviess, Kankakee, Kendall, Knox, LaSalle, Lee, Livingston, Logan, Macon, Macoupin, Madison, Marion, Marshall, Mason, McDonough, McHenry, McLean, Menard, Mercer, Monroe, Montgomery, Morgan, Moultrie, Ogle, Peoria, Perry, Piatt, Pike, Putnam, Randolph, Richland, Rock Island, Saint Clair, Sangamon, Schuyler, Scott, Shelby, Stark, Stephenson, Tazewell, Vermilion, Warren, Washington, Wayne, White, Whiteside, Winnebago and Woodford in Illinois; and the contiguous counties of Clinton, Des Moines, Dubuque, Jackson, Lee, Louisa, Muscatine and Scott in Iowa; Clark, Jefferson, Lewis, Lincoln, Marion, Perry, Pike, Saint Charles, Saint Louis, Saint Louis City and Sainte Genevieve in Missouri.
Under this declaration, the SBA’s Economic Injury Disaster Loan program is available to eligible farm-related and nonfarm-related entities that suffered financial losses as a direct result of this disaster. With the exception of aquaculture enterprises, SBA cannot provide disaster loans to agricultural producers, farmers, or ranchers. Nurseries are eligible to apply for economic injury disaster loans for losses caused by drought conditions.
The working capital loan amount can be up to $2 million with interest rates as low as 4 percent for eligible small businesses and 3 percent for non-profit organizations with terms up to 30 years.
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 firstname.lastname@example.org. Loan applications can be downloaded from the SBA’s website at www.sba.gov. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
Completed loan applications must be returned to SBA no later than April 1, 2013.
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For more information about the SBA’s Disaster Loan Program, visit our website at www.sba.gov.