ATLANTA (WREX) — Due to flooding last year, select businesses and non-profits are now eligible for a disaster loan.
The U.S. Small Business Administration announced on Wednesday that Economic Injury Disaster Loans are available to small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and private non-profit organizations in Illinois.
The loans are as a result of excessive moisture and flooding that began in September of 2018.
“When the Secretary of Agriculture issues a disaster declaration to help farmers recover from damages and losses to crops, the Small Business Administration issues a declaration to eligible entities, affected by the same disaster,” said Kem Fleming, director of SBA’s Field Operations Center East.
The loan amount can be up to $2 million with interest rates of 3.675 percent for small businesses and 2.5 percent for private nonprofit organizations of all sizes, with terms up to 30 years.
The SBA determines eligibility based on the size of the applicant, type of activity and its financial resources. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.
Applications for loans must be submitted by April 7, 2020. To apply for a loan, click HERE.