Illinois residents who were affected by recent flooding and tornadoes are being encouraged to get their applications in for the SBA low interest loan program before it’s too late. The deadline for these special low interest loans is April 23rd. Business owners who suffered damage as a result of these storms will be able to apply for a low interest loan that will be figured over a 30 year period at 4% interest. These terms are not set in stone and the loans will be negotiable if business owners have difficulty paying them back. The SBA is offering these low interest loans to help keep the economy solid and business owners on their feet.
Phil Duncan, an SBA spokesman based at the Sacramento, Calif., Office of Disaster Assistance, stated, “Typically, an economic injury tends to show up further down the line.”
“The tornado damage in these counties was devastating for many families and small-business owners,” Governor Matt Blunt said in a news release. “In addition to their losses, they have experienced the unexpected costs of clean-up, debris removal and other recovery expenses.”
Businesses can apply for a low interest loan up to $1.5 million in value, but they will need to supply proof of the damage or expenses that were incurred.
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