The U.S. Small Business Administration announced Wednesday that Economic Injury Disaster Loans are available to the entire State of Illinois. Ray Harbour, Public Affairs Specialist of the SBA details some of what the loans do and who they are eligible to. “The loans are available because the Secretary of Agriculture made a disaster declaration. The SBA works with the Department of Agriculture. We will also offer our programs to those who have been impacted. In Illinois, the loans are available to every county in the state. Anyone who has been impacted would be eligible to apply. The loans are available to small businesses, small agricultural cooperatives, and businesses engaged in agriculture, as well as private, non-profit organizations.”
Harbour encourages those who are eligible to begin applying for the loans right away, even if they aren’t sure if they need a loan. Harbour details the terms of the loans. “Borrowers can apply for up to $2 million and the interest rate for small businesses is 3.675% and it’s 2.5% for non-profits. The terms are up to 30 years.”
Harbour says you can apply online or via a paper application. “You can go online to disasterloans.sba.gov and complete the application process. If you don’t have access to the Internet or prefer to do it by hand, you can call our number at 800-659-2955 and we will mail an application to you that you can return via postal mail to our offices.”
Submit completed loan applications to SBA no later than April 7, 2020.