Loans available to help after August storms

The U.S. Small Business Administration has announced that low-interest disaster loans will be made available to Illinois homeowners, renters and businesses affected by the tornadoes, severe storms and flooding that occurred between Aug. 20 and Aug. 31.

SBA representatives will be available from 8:30 a.m. to 5 p.m. Monday through Friday through Dec. 13 at the Disaster Loan Outreach Center at the Des Plaines City Hall, 1420 Miner St., Room 103.

Representatives will issue loan applications, answer questions about the disaster loan program, explain the application process and help individuals complete their application.

Loans are available to homeowners, renters, businesses of all sizes and private, non-profit organizations whose property was damaged or destroyed by the tornadoes, severe storms and flooding.

"Loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for loans up to $40,000 to repair or replace damaged or destroyed personal property." Frank Skaggs, director of Disaster Field Operations Center East said.

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, 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 to help meet working capital needs caused by the disaster. This assistance is available regardless of whether the business suffered any physical property damage.

Individuals and businesses unable to visit the centers 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 physical property damage is Jan. 15. The deadline to return economic injury applications is Aug. 18, 2008.

For more information about the SBA's Disaster Loan Programs, visit www.sba.gov.