Low-interest Economic Injury Disaster Loans from the U.S. Small Business Administration are available to Illinois small businesses, small agricultural cooperatives, small aquaculture businesses and private nonprofit organizations affected by civil unrest from May 26-July 30.
SBA Administrator Jovita Carranza made the loans available in response to a letter from Gov. J.B. Pritzker dated Sept. 28, requesting a disaster declaration by the SBA. The declaration covers Greene, Macoupin and Madison counties, among others.
“The SBA is strongly committed to providing the people of Illinois with the most effective and customer-focused response possible to assist small businesses with federal Economic Injury Disaster Loans,” Carranza said. “Getting businesses and communities up and running after a disaster is our highest priority at SBA.”
In accordance with health precautions for COVID-19, the SBA will not establish a field presence to assist survivors. However, the SBA will continue to provide customer service and conduct outreach virtually with webinars, Skype calls, phone assistance and step-by-step application assistance. The SBA has opened a Virtual Business Recovery Center to help survivors apply online using the electronic loan application via the SBA’s secure website at https://DisasterLoanAssistance.sba.gov/. Virtual customer support representatives are available to help applicants complete the online application during these hours:
Virtual Business Recovery Center
Hours: 7 a.m. – 7 p.m.
Phone: (800) 659-2955
Business owners and residents should contact the SBA Customer Service Representatives at (800) 659-2955 for assistance in completing their applications. Requests for SBA disaster loan program information may be obtained by emailing FOCE-Help@sba.gov. The SBA will conduct extensive outreach to ensure that all affected by the disaster are afforded the opportunity to seek assistance.
Eligible entities may qualify for loans up to $2 million. The SBA offers economic injury loans to help meet working capital needs caused by the disaster. The loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred. Eligible small businesses include but are not limited to hotels, restaurants, retailers, wholesalers, and manufacturers.
The rates on these working capital loans are 3 percent for small businesses and 2.75 percent for nonprofit organizations, with terms up to 30 years. Eligibility for the loan is based on the size and type of business and its financial resources. The loans are not intended to replace lost sales or profits. Economic Injury Disaster Loan assistance is available regardless of whether the business suffered any physical property damage.
“The SBA can help affected small businesses and nonprofit organizations overcome their economic losses by offering working capital loans, but the help cannot start until they submit an SBA disaster loan application to us,” SBA’s Illinois District Director Robert Steiner said.
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 DisasterCustomerService@sba.gov. Loan applications can also be downloaded at www.sba.gov. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The deadline to return economic injury applications is July 13, 2021.