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SBA Opens Outreach Center to Offer Disaster Loan Assistance to Flood Victims

In September, Governor Bruce Rauner sent a request to the President of the United States asking that he approve federal assistance to help people in the northern Illinois region, including Lake County, recover from record flooding and severe storms in July. Regretfully, this request has been denied by FEMA.

Since FEMA assistance won’t be available, Lake County homeowners and business owners impacted by the July 2017 flooding in may be eligible for loan assistance from the U.S. Small Business Administration (SBA). To assist with this process, the SBA recently opened a Disaster Loan Outreach Center at the Lake County Emergency Operations Center (EOC), 1303 Milwaukee Ave. in Libertyville. SBA Customer Service Representatives will be on-hand to issue loan applications, answer questions, and help individuals complete their applications.

The deadline to file an application is now January 12, 2018. Under the SBA assistance program, those in Lake County and the contiguous counties of Cook and McHenry; and Kenosha in Wisconsin can apply for low-interest disaster loans.

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. Interest rates are as low as 3.215% for businesses, 2.500% for non-profit organizations, and 1.938% for homeowners and renters with terms up to 30 years. Loan amount and terms are set by the SBA and are based on each applicant’s financial condition.

Applicants may also apply online using the Electronic Loan Application (ELA) on the SBA’s website at https://disasterloan.sba.gov/ela.
Disaster loan information and applications may also be obtained by calling the SBA’s Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and hard-of-hearing), or by emailing disastercustomerservice@sba.gov.

Economic Injury Loan
The deadline to apply for Economic Injury loans, such as loans to assist small businesses, small agricultural cooperatives, small aquaculture businesse,s and private nonprofit organizations through the recovery period is August 13, 2018.

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