SBA Offers Disaster Assistance to Illinois Residents Affected by Tornadoes, Severe Storms and Flooding

October 20, 2006; 02:00 AM
Steven C. Preston, Administrator of the U.S. Small Business Administration (SBA) announced that low-interest disaster loans will be made to Illinois residents affected by the tornadoes, severe storms and flooding that occurred on July 19-21, 2006.

Administrator Preston took this action following an October 16 letter from Illinois Governor Rod Blagojevich requesting a disaster declaration by SBA. The declaration covers Jefferson and St. Clair counties and the neighboring counties of Clinton, Franklin, Hamilton, Madison, Marion, Monroe, Perry, Randolph, Washington and Wayne in the State of Illinois and the contiguous St. Louis County and the independent city of St. Louis in the State of Missouri.

"We look forward to working with Illinois and the people affected by the tornadoes, severe storms and flooding to make SBA disaster loans available to homeowners, renters and businesses," said Administrator Preston.

Frank Skaggs, Director of Disaster Field Operations Center East said, "Loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for up to $40,000 to repair or replace damaged or destroyed personal property. SBA customer service representatives will be on hand at the following Disaster Loan Outreach Centers to issue loan applications, answer questions about SBA's disaster loan program, explain the application process and help each individual complete their application."

The Centers will be located in the following communities and will open on the indicated days and times:

Jefferson County                                    St. Clair County
City Hall                                                   City Hall
1100 Main Street                                    301 River Park Drive
Mount Vernon, IL  62864                         East St. Louis, IL  62201
Opens:   Friday, Oct. 20; from              Opens:  Friday, Oct. 20; from 9 a.m. -
             8 a.m. - 4 p.m.                                        6 p.m.
Hours:   Monday-Friday; 8 a.m. -            Hours:  Monday-Friday; 9 a.m. - 6 p.m.
             4 p.m.                                                         Saturday; 9 a.m. - 1 p.m.
             Saturday; 9 a.m. - 1 p.m.                          (until further notice)
             (until further notice)

Judith Roussel, SBA's Illinois District Director, stresses that these "low-interest Federal disaster loans are available to homeowners, renters, businesses of all sizes and private, non-profit organizations whose property was damaged or destroyed by the incident."

Businesses of any size and private non-profit organizations may borrow up to $1.5 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets. SBA can also lend additional funds to help with the cost of making improvements that protect, prevent or minimize the same type of disaster damage from occurring in the future.

For small businesses only, 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 property damage.

Individuals and businesses unable to visit SBA in person may obtain information and loan applications by calling toll-free (800) 659-2955. Hearing impaired individuals may call (800) 877-8339.

The filing deadline to return applications for property damage is December 18, 2006. The deadline to return economic injury applications is July 18, 2007.

For more information about the SBA's Disaster Loan Programs, visit our website at http://www.sba.gov/disaster