Over $5 Million in SBA Disaster Loans Approved in Illinois

Deadline to Apply for Physical Damage is Jan. 27  

ATLANTA, Dec. 26, 2013 /PRNewswire-USNewswire/ -- The U. S. Small Business Administration has approved over $5 million in Disaster Assistance Loans for residents and businesses in Illinois affected by the severe storms, winds and tornadoes on Nov. 17, 2013.   The deadline to file an SBA disaster loan application for physical damage is Jan. 27.

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"Currently 61 disaster loans have been approved in the amount of $5,038,700 for affected survivors," said Frank Skaggs, director of SBA's Field Operations Center East in Atlanta.  "We are pleased to get these loans approved so residents can start to rebuild and resume their normal lives. I encourage anyone who has not completed their disaster loan application to do so before the Jan. 27 deadline."

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. 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.

For small businesses, small agricultural cooperatives, small businesses engaged in aquacultural, and most private non-profit organizations of all sizes, the 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.

To be considered for all forms of disaster assistance, call the Federal Emergency Management Agency (FEMA) at 800-621-FEMA (3362), (TTY) 800-462-7585 for the deaf and hard-of-hearing and register.

Survivors may apply online using the Electronic Loan Application (ELA) via SBA's secure website at https://disasterloan.sba.gov/ela.

Disaster loan information and application forms may also be obtained by calling the SBA's Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an email to [email protected].  Loan applications can be downloaded from 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. 

The filing deadline to return applications for physical property damage is January 27, 2013. 

The deadline to return economic injury applications is August 26, 2014. 

For more information about the SBA's Disaster Loan Program, visit our website at www.sba.gov/disaster

Contact: Michael Lampton
Release Number: 14-072, IL 13829/13830
Email: [email protected]
Phone: (404) 331-0333

SOURCE U.S. Small Business Administration

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