SBA Approves Disaster Loans for McLean County Residents, Businesses, and Nonprofits

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McLean County residents, business owners and non-profit organizations can now apply for low-interest loans to help cover the cost of flood damage.

U.S. Representatives Rodney Davis and Darin LaHood announced Monday that the U.S. Small Business Administration has approved Pritzker administration request for a distress call for McLean County.

“McLean County has been devastated by the recent flooding that has affected many local families and businesses,” McLean County Sheriff John Sandage said in a press release. “The SBA’s disaster request will provide some necessary financial assistance to those affected, and the McLean County Sheriff’s Office, along with the McLean County Emergency Management Agency, fully supported the announcement request.”

Hundreds of properties were damaged at the end of June after more than 10 inches of rain fell apart county at the end of June.

SBA the site has an application for a loan and a customer service center where residents and business owners can call for help, 800-658-2955.

The SBA and the McLean County Emergency Management Agency (EMA) will open a Disaster Loan Outreach Center starting Wednesday to help people apply. It will be located in the McBarnes building, 201 E. Grove St. in Bloomington. The site will be open on July 28 from 12.00 to 18.00; then on weekdays until August 12 from 9:00 to 18:00; Saturday 7 August 10:00 to 14:00

The SBA will also offer trauma-related disaster loans to small businesses and non-profit organizations. The SBA can set the loan term up to 30 years if the applicant is unable to obtain the loan elsewhere.

Mortgage loans start at 1.625% per annum, per SBA Disaster Loan Fact Sheet… Business loans start at 2.88% per annum.

The SBA will also offer loans to residents of the counties surrounding McLean County.

The deadline for filing an application for compensation for physical damage is September 24. The deadline for filing an application for compensation for economic damage is April 26, 2022.

The SBA requires at least 25 homes or businesses in the county to have an uninsured loss of more than 40%.

McLean County did not receive enough flood damage for a federal disaster declaration.



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