Even though Disaster Loan Outreach Centers have closed, Illinois residents affected by flooding may still apply for low interest loans.
Last month, the Small Business Administration issued a disaster declaration for Rock Island, Stephenson, Jersey, and Alexander counties (with eligibility applying to those four counties and 13 adjacent counties). The agency operated four outreach centers through late last week.
Spokesman Matthew Young says says so far, the SBA has approved eight loans to help homeowners recover from uninsured flood damage.
The applicants are borrowing a total of $293,800 at 2.0163%, and the terms may up to 30 years.
Young says physical damages may include structural damage, debris removal, and loss of personal property. The deadline to apply for property damage loans is January 13th, 2020.
Businesses may also apply for SBA low interest disaster loans for physical damage caused by flooding and to recover from economic injury. Young says one example of that is lost revenue due to road closures or inaccessibility. The deadline for those applications is August 14th.