Capital loan assistance for July 2017 flooding nears cutoff date

Sandbags protect businesses along Old Grand Avenue in Gurnee after torrential rains led to record flooding.Daily Herald file photo

ATLANTA/CHICAGO (Heartland Newsfeed) — Businesses affected by severe weather and flooding in July 2017 may still be eligible for capital loans, according to a news release delivered Tuesday.

The U.S. Small Business Association (SBA) reminds small businesses, small agricultural and aquacultural businesses and private not-for-profit organizations that these loans are available to those who qualify.

Sandbags protect businesses along Old Grand Avenue in Gurnee after torrential rains led to record flooding.
Daily Herald file photo

Unfortunately, they won’t be available for much longer as SBA’s cutoff date is quickly arriving.

“Businesses that suffered economic losses as a result of the disaster and want to apply for low-interest loans from the SBA are urged to do so before the deadline,” said Kem Fleming, SBA’s eastern field operations center director.

Low-interest disaster loans are made available to affected parties in Lake, Cook and McHenry counties in Illinois, as well as Kenosha County in Wisconsin.

Working capital disaster loans up to $2 million are available at 3.215 percent for small business and 2.5 percent for not-for-profit organizations with payment terms up to 30 years.

The intent of the loans are to pay off fixed debts, make payroll, pay off accounts due and other expenses that could have been paid had the disaster not taken place.

Disaster survivors may apply online using their electronic loan application via their secure website.

Businesses may obtain information and loan applications by calling the Customer Service Center at (800) 659-2955 or (800) 877-8339 (TTY), emailing them or via their website.

Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Rd., Fort Worth, TX 76155 and should be mailed by August 13.

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Jake Leonard, a broadcast media and journalism veteran, is the editor-in-chief of Heartland Newsfeed. Leonard is also GM and program director of Heartland Newsfeed Radio Network and a contributing writer for My Sports Vote, Ambush Sports and Midwest Sports Network. He resides at home in Nokomis, Ill. with his dogs Sparky and Buster.

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