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IL 13579 - Over $20 Million in SBA Disaster Loans Approved in Illinois
ATLANTA – The U.S. Small Business Administration has approved over $20 million in Disaster Assistance Loans for residents and businesses in Illinois affected by the severe storms and flooding and is eager to do more.
“Currently, 736 disaster loans have been approved in the amount of $20,399,000 for affected survivors,” said Frank Skaggs, director of SBA’s Field Operations Center East in Atlanta. “We are pleased to get these loans approved so residents in the disaster area can start to rebuild and resume their normal lives.”
However, many have not submitted their applications for SBA assistance. Some survivors may be hesitant to take on additional debt or are waiting on insurance settlement. Waiting to file an SBA disaster loan application could cause unnecessary delays in receiving disaster assistance. SBA will consider making a loan for the total loss up to its loan limits, provided the borrower agrees to use proceeds from insurance or other sources to reduce or repay their SBA loan.
Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at https://disasterloan.sba.gov/ela or visit one of the local recovery centers for one-on-one assistance.
For more information, contact the SBA Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by visiting www.sba.gov.
The filing deadline to return applications for physical property damage is July 9, 2013. The deadline to return economic injury applications is February 10, 2014.
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For more information about the SBA’s Disaster Loan Programs, visit our website at www.sba.gov