The U.S. Small Business Administration (SBA) is reminding small businesses and private nonprofit organizations in Illinois of the upcoming deadline to apply for federal disaster loans following flash flooding that occurred on May 24, 2024. The deadline to submit applications is March 17.
The affected areas include Bond, Christian, Fayette, Macoupin, Madison, Montgomery, Sangamon, and Shelby counties. Under this declaration, the SBA’s Economic Injury Disaster Loan (EIDL) program is available to eligible small businesses and private nonprofits that experienced financial losses due to the disaster. It should be noted that the SBA cannot provide disaster loans to agricultural producers, farmers, or ranchers except for small aquaculture enterprises.
These EIDLs are intended for working capital needs caused by the flooding and are available even if no physical damage was sustained. Businesses can use these loans to cover fixed debts, payroll, accounts payable, and other bills they would have paid had the disaster not occurred.
Eligible applicants can borrow up to $2 million with interest rates as low as 4% for small businesses and 3.25% for private nonprofits. Loan terms can extend up to 30 years with interest not accruing nor payments being due until a year after the first loan disbursement. The SBA determines loan amounts based on each applicant's financial condition.
Applications can be submitted online at SBA.gov/disaster or by contacting the SBA’s Customer Service Center at (800) 659-2955 or emailing disastercustomerservice@sba.gov. For those who are deaf or hard of hearing or have a speech disability, telecommunications relay services can be accessed by dialing 7-1-1.
The deadline for economic injury applications remains March 17, 2025.