Hultgren Hails Federal Relief for Small Businesses Impacted by April Tornado
Washington, DC — U.S. Representative Randy Hultgren (IL-14) today hailed the decision by the U.S. Small Business Administration (SBA) to issue a Disaster Declaration for DeKalb and the adjacent counties of Boone, Kane, Kendall, LaSalle, Lee, McHenry, Ogle and Winnebago, which will allow residents and businesses in the region severely impacted by severe storms and tornadoes in April to receive SBA loans. Previously, Rep. Hultgren and the entire Illinois Congressional Delegation sent a letter to President Obama asking him to issue the Disaster Declaration. The letter came in support of Illinois Governor Bruce Rauner’s request letter to President Obama which cited reports from the Illinois Emergency Management Agency of 31 homes and seven businesses that had sustained major damage and had significant uninsured losses.
“Illinois residents and businesses suffered tremendous loss following the severe thunderstorms and tornadoes in April,” said Rep. Hultgren. “I am pleased at the SBA’s decision and especially encourage 14th District residents who were affected to apply for loans to help rebuild.”
The following information is provided by the SBA:
SBA’s customer service representatives will be available at the Disaster Loan Outreach Center to answer questions about the disaster loan program and help individuals complete their applications. The Center is located in the following community and is open as indicated:
Kirkland Fire Department
3891 State Route 72
Kirkland, IL 60146
Opening: Tuesday, June 9 at 9 a.m.
Hours: Monday through Friday, 9 a.m. to 6 p.m.
Saturday, June 13, 10 a.m. to 2 p.m.
Closed: Sunday, June 14
Closing: Thursday, June 18 at 4 p.m.
For small businesses, small agricultural cooperatives, small aquaculture businesses and most private nonprofit organizations, the SBA offers Economic Injury Disaster Loans (EIDLs) to help meet working capital needs caused by the disaster. EIDL assistance is available regardless of whether the business suffered any physical property damage.
Applicants may be eligible for a loan amount increase up to 20 percent of their physical damages, as verified by the SBA, to make improvements that help prevent the risk of future property damage caused by a similar disaster.
Interest rates are as low as 4 percent for businesses, 2.625 percent for nonprofit organizations, and 1.813 percent for homeowners and renters with terms up to 30 years. Loan amount and terms are set by the SBA and are based on each applicant’s financial condition.
Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at https://disasterloan.sba.gov/ela.
Businesses and individuals may also obtain information and loan applications by calling the SBA’s Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and hard-of-hearing), or by emailing firstname.lastname@example.org. 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
Processing and Disbursement Center
14925 Kingsport Road
Fort Worth, TX 76155
The filing deadline to return applications for physical property damage is Aug. 3, 2015. The deadline to return economic injury applications is March 3, 2016.