2007 Press Release: SBA Offers Disaster Assistance To Illinois Residents Affected

For immediate release
November 27, 2007

SBA Loan Fact Sheet

WASHINGTON – Steve Preston, Administrator of the U.S. Small Business Administration announced that low-interest disaster loans will be made available to Illinois residents affected by the tornadoes, severe storms and flooding that occurred on August 20 – 31, 2007.

Administrator Preston took this action following a November 9 letter from Illinois Governor Rod R. Blagojevich requesting a disaster declaration by SBA. The declaration covers the county of Cook, and the adjacent counties of DuPage, Kane, Lake, McHenry and Will in the State of Illinois and the adjacent county of Lake in the State of Indiana.

"We look forward to working with Illinois and the people affected by the tornadoes, severe storms and flooding to make SBA disaster loans available to homeowners, renters and businesses," said Administrator Preston.

Frank Skaggs, Director of Disaster Field Operations Center East said, "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. SBA’s Customer Service Representatives will be on hand at the Disaster Loan Outreach Centers to issue loan applications, answer questions about SBA’s disaster loan program, explain the application process and help individuals complete their application."

The Centers will be located in the following communities and will open as indicated:

SBA Disaster Loan Outreach Centers

All 3 Centers will open: Tuesday, Nov. 20

All 3 Centers will close Thursday, December 13 at close of business

James W. Hammersley, SBA’s Illinois Acting District Director stresses, "Low-interest Federal disaster loans are available to homeowners, renters, businesses of all sizes and private, non-profit organizations whose property was damaged or destroyed by the tornadoes, severe storms and flooding."

Businesses of any size and private non-profit organizations may borrow up to $1.5 million to repair or replace damaged or destroyed real estate, machinery, equipment, inventory, and other business assets. SBA can also lend additional funds to help with the cost of making improvements that protect, prevent or minimize the same type of disaster damage from occurring in the future.

For small businesses only, SBA offers Economic Injury Disaster Loans (EIDLs) to help meet working capital needs caused by the disaster. EIDL assistance is available regardless of whether the business suffered any physical property damage.

Individuals and businesses unable to visit the Centers in person may obtain information and loan applications by calling toll-free 800-659-2955. Hearing impaired individuals may call 800-　877-8339.

The filing deadline to return applications for physical property damage is January 15, 2008. The deadline to return economic injury applications is August 18, 2008.

For more information about the SBA's Disaster Loan Programs visit their website at www.sba.gov

 

 

 

 

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