The U.S. Small Business Administration (SBA) is urging disaster loan recipients in Illinois to apply for additional funds aimed at protecting their homes and businesses from future storms. Loan recipients have up to two years from the date of loan approval to request an increase of up to 20% of their verified physical damages. This increase is intended to cover the cost of improvements, such as regrading landscaping for better drainage, installing a French drain or sump pump, and strengthening structures against high wind damage.
“One distinct advantage of SBA’s disaster loan program is the opportunity to fund upgrades reducing the risk of future storm damage,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “I encourage businesses and homeowners to work with contractors and mitigation professionals to improve their storm readiness while taking advantage of SBA’s physical damage loans."
For more information on mitigation options, visit sba.gov/mitigation. To apply online, visit sba.gov/disaster. Applicants can also contact SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for further details on SBA disaster assistance. People who are deaf, hard of hearing, or have a speech disability should dial 7-1-1 for telecommunications relay services.
The U.S. Small Business Administration supports American business ownership by providing resources and support necessary for entrepreneurs and small business owners to start, grow, expand their businesses, or recover from declared disasters. It operates through a network of field offices and partnerships with public and private organizations.