Low interest disaster loans are available for residents and businesses that were affected by storms and flooding that occurred on July 27-28. SBA Administrator, Karen G. Mills announced that businesses affected can apply for the low-interest disaster loans. Disaster grants are made available in response to the letter received from Illinois Gov. Pat Quinn.
The disaster declaration of SBA covers counties like Jo Daviess, Ogle and Winnebago in Illinois, Stephenson, Carroll, Dubuque and Jackson in Iowa, and Grant, Green and Lafayette in Wisconsin. SBA remains strongly committed to provide disaster affected people of Illinois with an effective response.
Mills says, “Getting businesses and communities up and running after a disaster is our highest priority at SBA.” Loans of $200,000 are made available for repairing damages caused to real estate. Renters and homeowners can find loans up-to $40,000 for replacing destroyed personal property. The disaster loan outreach centers will be open from Sept. 7 through Sept 15 and SBA’s customer service representatives will be present 8:30 a.m. to 4:30 p.m.
Businesses and non-profit organizations of any size can borrow $2 million to repair damaged real estate machinery, equipment, inventory and other assets. SBA may increase loan up-to 20 percent for reparation of real estate and leasehold improvements. SBA also offers Economic Injury Disaster Loans (EIDLs) to small businesses engaged in aquaculture and to private nonprofit organizations. For homeowners and renters, the interest rates are 2.5 percent and it is 3 percent for non-profit organizations.
This article was submitted by Raj Tulshan, Director of Business Development of Biz2Credit. Biz2Credit is a small business marketplace that connects entrepreneurs with financing options and advice to grow their business. Send all questions to email@example.com