Residents and Businesses Can Apply for Low-Interest, Long-Term Loans to Boost Recovery from February Floods
SPRINGFIELD - Gov. Bruce Rauner today announced the U.S. Small Business Administration (SBA) approved the state’s request for assistance to help people and businesses in Iroquois, Kankakee and Vermilion counties recover from severe storms and floods that occurred in February.
In addition, people and businesses in counties contiguous to the declared counties also are eligible to apply for low-interest, long-term loans. This includes the Illinois counties of Champaign, Douglas, Edgar, Ford, Grundy, Livingston and Will and the Indiana counties of Benton, Lake, Newton, Vermillion and Warren.
“This assistance will help many people and businesses begin the next phase of their recovery from this disaster,” said Gov. Rauner.
To be eligible for an SBA declaration, at least 25 homes and/or businesses in a county must sustain major, uninsured losses of 40 percent or more. A damage assessment conducted in March by the SBA determined 74 homes and nine businesses in Iroquois County, 28 homes and three businesses in Kankakee County, and 21 homes and seven businesses in Vermilion County met that criteria.
More information about the disaster loan program and details about Disaster Loan Outreach Centers (DLOCs) will be announced by the SBA in the near future.