WASHINGTON – The U. S. Small Business Administration (SBA) announced today that in observance of the LaborDay holiday, the SBA Disaster Loan Outreach Center will be closed on Monday, Sept. 6 and will resume operations on Tuesday, Sept. 7 at 9 a.m. SBA established the Center for businesses, homeowners, renters and nonprofit organizations in any of the declared Illinois counties to apply for low-interest disaster loans for their damages caused by the Aug. 12, 2021 flooding.
Businesses and residents can meet with SBA representatives one-to-one to get answers to their questions and help with submitting loan applications. The window for disaster survivors to take advantage of the opportunity to visit the Center is closing. The Center ceases operations on Thursday Sept. 9 at 4 p.m.
The Center is open as follows.
Disaster Loan Outreach Center (DLOC)
Gibson City Fire Department
115 S. Lawrence St.
Gibson City, IL 60936
Open: Monday – Friday, 9 a.m. to 6 p.m.
Open: Saturdays, 10 a.m. to 2 p.m.
Closed: Monday, Sept. 6, in observance of Labor Day
******Closes Permanently: Thursday, Sept. 9 at 4 p.m.*******
The disaster declaration covers Ford County and the adjacent counties of Champaign, Iroquois, Kankakee, Livingston, McLean, and Vermillion in Illinois which are eligible for both Physical and Economic Injury Disaster Loans from the SBA.
“Businesses and private nonprofit organizations may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets,” said SBA’s Illinois District Director Robert Steiner.
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations, the SBA offers Economic Injury Disaster Loans (EIDL)to help meet working capital needs caused by the disaster. EIDL Loan assistance is available regardless of whether the business suffered any physical property damage.
“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 Kem Fleming, director of SBA’s Field Operations Center East in Atlanta.
Applicants may be eligible for a loan amount increase up to 20 percent of their physical damages, as verified by the SBA for mitigation purposes. Eligible mitigation improvements may include a safe room or storm shelter, sump pump, French drain, or retaining wall to help protect property and occupants from future damage caused by a similar disaster.
Interest rates are as low as 2.855 percent for businesses, 2 percent for nonprofit organizations, and 1.563 percent for homeowners and renters, 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 also apply online using the Electronic Loan Application (ELA) via SBA’s secure website at DisasterLoanAssistance.sba.gov/ela/s and should apply under SBA declaration # 17112 before the filing deadline.
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 emailing DisasterCustomerService@sba.gov. Loan applications may be downloaded at sba.gov/disaster Completed applications should be returned to the center or 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 Oct. 22, 2021. The deadline to return economic injury applications is May 23, 2022