Deadline For SBA Physical Disaster Loans In Illinois Is May 21

ATLANTA, April 19, 2012 /PRNewswire-USNewswire/ -- The U.S. Small Business Administration reminds homeowners, renters, businesses and non-profit organizations of the deadline to submit disaster loan applications for damages caused by the severe storms and tornadoes that occurred from Feb. 29 through March 2, 2012.  The deadline to file an SBA disaster loan application for physical damage is May 21, 2012 .

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Anyone with insured losses should not wait for an insurance settlement before applying to the SBA. "If someone does not know how much of their loss will be covered by insurance or other sources, the SBA will consider making a loan for the total loss up to its loan limits, provided they agree to use insurance proceeds to reduce or repay their SBA loan," said Frank Skaggs, director of SBA Field Operations Center East.  

Low-interest disaster loans are available in the following Illinois counties: Franklin, Gallatin, Hamilton, Hardin, Johnson, Pope, Saline, White and Williamson.

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. Businesses and non-profit organizations of any size may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.

The SBA may increase a loan up to 20 percent of the total amount of disaster damage to real estate and/or leasehold improvements, as verified by SBA, to make improvements that lessen the risk of property damage by future disasters of the same kind.

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