As many of our communities continue to recover from this spring's flooding, I would like to relay some important recovery-related information.
The U.S. Small Business Administration has approved nearly $7 million in Disaster Assistance Loans for residents and businesses in Illinois affected by the severe storms, winds and flooding between April 16 and May 5. The SBA loan program covers all applicants including homeowners, renters and businesses.
July 9 is the deadline to file a disaster loan application.
Loans of 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. 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.
The Illinois Emergency Management Association urges everyone who might qualify to apply regardless of how serious the damage was.
If your personal property and/or real estate has been damaged, you can apply online using the Electronic Loan Application via SBA's secure website.
Remember the deadline to apply for the disaster loan is July 9.
Please call or contact my office if you have additional concerns or issues.