The U.S. Small Business Administration (SBA) is reminding small businesses and private nonprofit organizations in Illinois of the approaching June 30 deadline to apply for federal disaster loans. These loans are intended to mitigate economic losses caused by a tornado that occurred from July 14-15, 2024.
The affected areas include the Illinois counties of Bureau, LaSalle, Marshall, Peoria, Putnam, Stark, and Woodford. The SBA’s Economic Injury Disaster Loan (EIDL) program is available under this declaration for eligible small businesses, agricultural cooperatives, nurseries, and private nonprofits with financial losses directly related to the disaster. However, agricultural producers, farmers, or ranchers are not eligible unless they are aquaculture enterprises.
EIDLs provide working capital for needs arising from the disaster and can be used even if there was no physical damage to the business or nonprofit. The funds may cover fixed debts, payroll, accounts payable, and other bills that were unpaid due to the disaster.
“Through a declaration by the U.S. Secretary of Agriculture, SBA provides critical financial assistance to help communities recover,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “We’re pleased to offer loans to small businesses and private nonprofits impacted by these disasters.”
Loan amounts can reach up to $2 million with interest rates as low as 4% for small businesses and 3.25% for private nonprofits. Terms can extend up to 30 years. Interest does not accrue nor are payments due until 12 months after the first loan disbursement. Loan amounts and terms are determined based on each applicant’s financial condition.
Applications can be submitted online at sba.gov/disaster or by contacting SBA’s Customer Service Center at (800) 659-2955 or via email at disastercustomerservice@sba.gov. Telecommunications relay services are available for individuals who are deaf or hard of hearing by dialing 7-1-1.
The deadline for submitting economic injury applications is June 30, 2025.
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