The U.S. Small Business Administration announced the opening of Disaster Loan Outreach Centers in Illinois to assist businesses and residents affected by severe storms and flooding in applying for low-interest disaster loans.
Specifically, it refers to flooding that occurred between Feb. 24 and July 3
Knox, Henry, and Mercer counties are among several around the state covered by Illinois’ disaster declaration.
For assistance, individuals can visit the American Red Cross in Moline at 1100 River Driver, or visit DisasterLoan.sba.gov.
Business and private non-profits are able to borrow up to $2 million for disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets according to SBA’s Illinois District Director Robert S. Steiner.
Also, loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate.
Interest rates are as low as 4 percent for businesses, 2.75 percent for nonprofit organizations, and 2.063 percent for homeowners and renters with terms up to 30 years.
The loan amount and terms are set by the SBA and are based on each applicant’s financial condition.