Deadline to apply for tornado damage approaches
SBA approved more than $10M in disaster loans in Illinois
The U.S. Small Business Administration still is providing loans for those affected by the Nov. 17 severe storms and tornadoes.
It has approved more than $10 million in disaster assistance loans for residents in Illinois so far. The deadline to file an SBA disaster loan application for physical damage is Jan. 27.
“Currently 124 disaster loans have been approved in the amount of $10,123,600 for affected survivors,” Frank Skaggs, director of SBA’s Field Operations Center East in Atlanta, said in a news release. “While we are pleased to get these loans approved so residents can start to rebuild and resume their normal lives, we need to remind anyone who has not completed their disaster loan application that there are only a two weeks left to apply before the deadline.”
SBA disaster loans are available to homeowners and renters, businesses of all sizes and most private nonprofit organizations to cover uninsured losses from the disaster. Interest rates are as low as 2.250 percent for homeowners, 4 percent for businesses and 2.625 percent for nonprofit organizations. Loan terms can be up to 30 years.
“SBA disaster loans offer an affordable way for those affected by the disaster to pay for disaster related losses,” Skaggs said.
To be considered for all forms of disaster assistance, applicants should register online at www.DisasterAssistance.gov.
If online access is unavailable, applicants should call FEMA’s toll free Helpline at 800-621-3362. The toll free numbers operate from 7 a.m. to 10 p.m. daily.
Applicants may apply online for assistance using the Electronic Loan Application via SBA’s secure website at disasterloan.sba.gov/ela.
Disaster loan applications also can be obtained by calling the SBA’s Customer Service Center at 800-659-2955 or by emailing email@example.com.
Loan applications also can be downloaded at www.sba.gov/disaster. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.