Deadline to apply for SBA loans is June 3

ATLANTA — The U.S. Small Business Administration is reminding small businesses, small agricultural cooperatives,  small aquaculture businesses  and nonprofit organizations in Illinois of the deadline to submit disaster loan applications for economic injury caused by severe  storms, flooding and tornadoes between June 7 and July 31, 2015.

“Businesses  that  suffered  economic  losses  as  a  result  of  the  disaster  and  want  to  apply  for low-interest loans from the SBA are urged to do so before the June 3 deadline,” said Frank Skaggs, director of SBA Field Operations Center East.

Low-interest disaster loans are available in the counties of Ford, Grundy, Iroquois, Kankakee, Kendall, LaSalle, Livingston, Vermilion and Will in Illinois, and Benton and Newton in Indiana.

Working capital disaster loans up to $2 million are available at 4 percent for small businesses, and 2.625 percent for private nonprofit organizations with terms up to 30 years. The loans are intended to pay fixed debts,  payroll,  accounts  payable,  and  other  expenses  that  could  have  been  paid  had  the  disaster  not occurred. To be considered for this assistance, eligible entities need to apply by the deadline.

Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at https://disasterloan.sba.gov/ela.

Businesses  may  also  obtain  information  and loan applications by calling the SBA’s Customer Service Center   at   800-659-2955 or   by   emailing disastercustomerservice@sba.gov.  Loan  applications  can  also  be  downloaded  at www.sba.gov/disaster.

Completed   applications   should   be   returned   to   the   center   or   mailed   to:   U.S.   Small   Business Administration, Process ing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

The deadline to return economic injury applications is June 3.

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Kabir21 wrote on May 15, 2016 at 6:05 am

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danny12 wrote on May 23, 2016 at 9:05 am

This initiative should provide support for so many farmers affected by the bad weather. They need it and they should apply for these loans. It would be interesting to see how many actually took advantage of this opportunity. Are the conditions similar to those from the short term loans new york? It would help people get some guidelines on what to expect.