Disaster loans available for summer storm damage
Low-interest federal disaster loans could be available for area residents and businesses affected by severe storms and flooding this summer.
The storms between June 29-July 2 left many without power and caused physical damage to property.
The Small Business Administration has set up a Disaster Loan Outreach Center in Springfield with customer service representatives. They can answer questions about the SBA’s disaster loan program,while business owners can learn about the application process, and get help completing an application.
The center at 2801 N. 5th St. Springfield is open Thursday and Friday, November 16-17, from 9:00 a.m. to 6 p.m. It will be open Saturday from 10 a.m. to 2 p.m. No appointment is necessary.
What Types of Disaster Loans are Available?
• Business Physical Disaster Loans – Loans to businesses to repair or replace disaster-damaged property owned by the business, including real estate, inventories, supplies, machinery and equipment. Businesses of any size are eligible. Private, non-profit organizations such as charities, churches, private universities, etc., are also eligible.
• Economic Injury Disaster Loans (EIDL) – Working capital loans to help small businesses, small agricultural cooperatives, small
businesses engaged in aquaculture, and most private, non-profit organizations of all sizes meet their ordinary and necessary
financial obligations that cannot be met as a direct result of the disaster. These loans are intended to assist through the disaster
• Home Disaster Loans – Loans to homeowners or renters to repair or replace disaster-damaged real estate and personal property, including automobiles.
Application Filing Deadlines: Physical Damage: January 02, 2024
What are the Credit Requirements?
• Credit History – Applicants must have a credit history acceptable to SBA.
• Repayment – Applicants must show the ability to repay all loans.