SBA loans available help victims of July flooding
Disaster relief in the form of low-interest Small Business Administration (SBA) loans was recently made available for residents of Lake, Cook and McHenry counties, according to a press release from U.S. Rep. Randy Hultgren (R-IL).
The announcement comes in response to a request Gov. Bruce Rauner made in November to SBA Administrator Linda McMahon requesting the agency’s help in assisting victims of floods that ravaged the area July 11, the release stated.
Hultgren also petitioned the Federal Emergency Management Agency to help citizens and businesses in the affected areas figure out the extent of the damage and what help would be available.
“I am pleased the SBA responded to Illinois' needs and have located outreach centers in Lake County to serve Lake, McHenry and Cook counties,” Hultgren said in the release. “I encourage 14th District residents who were affected to apply for loans to help rebuild following the devastated July floods.”
The SBA offers the Economic Injury Disaster Loan program to help businesses cover operating expenses, even if no property damage occurred, the release noted. Businesses can borrow at the interest rate of 3.125 percent, while nonprofits can borrow at 2.5 percent interest. Nonbusiness loan applicants can receive terms of up to 30 years and with 1.938 percent interest.
To apply, go online at the SBA’s website: https://disasterloan.sba.gov/ela.