CHAMPAIGN, Ill. (WCIA) — The U.S. Small Business Administration (SBA) will provide recovery assistance to families and businesses impacted by the severe storms and flash flooding in Ford County that happened in August, said State Senator Scott Bennett on Thursday.
Officials said families in the surrounding counties including Champaign, Iroquois, Kankakee, Livingston, McLean, and Vermilion are also eligible to apply for the SBA’s low-interest and long-term loans to boost flood recovery efforts.
“The recent flash flooding and storms devastated our communities, but assistance from the U.S. Small Business Administration can help us make a full recovery,” Bennett said. “It’s time for us to come together to help our family, friends and neighbors build back better than ever.”
According to officials, there are three types of loans available to storm survivors:
– Physical Disaster Loans: Loans to businesses to repair or replace disaster-damaged property owned by the business, including real estate, inventory, supplies, machinery and equipment.
– Economic Injury Disaster Loans: Working capital loans to help small businesses, small agricultural cooperatives and most private nonprofits meet their ordinary and necessary financial obligations that cannot be met as a result of the disaster.
– Home Disaster Loans: Loans to homeowners or renters to repair or replace disaster-damaged real estate and personal property. SBA regulations limit home loans to $200,000 for the repair or replacement of real estate and $40,000 to repair or replace personal property.
A Disaster Loan Outreach Center will be established in Ford County to help the storm survivors with the application process. The center will be located at Gibson City Fire Department on South Lawrence Street. It will be open now until September 9 from 9 a.m. to 6 p.m. Monday to Friday, and 10 a.m. to 2 p.m. Saturday.
Officials also said applicants can apply and receive additional information here or call the SBA Customer Service line at 800-659-2955.