USBA Approves Disaster Loan for McLean County After Severe Flooding

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McLean County (WEEK) – The US Small Business Administration has authorized a federal disaster loan for homeowners in McLean County after heavy rain fell in the area, causing flooding in late June.

The SBA approval means that low-interest and long-term loans will be available to those who apply for residents and business owners as well as surrounding counties, including Champaign, DeWeight, Ford, Livingston, Logan, Piatt, Tazewell and Woodford counties. , according to a McLean County Emergency Management Agency press release.

The flooding occurred on June 25-27, some roads became impassable, and houses and businesses were damaged.

An earlier press release from Governor Pritzker’s office said the county did not meet the threshold for declaring a federal state of emergency.

Applicants can also call 800-659-2955 or email. disaster customerservice@sba.gov

If you need personal help applying for a loan, the SBA will open a Disaster Loan Information Center. EMA has agreed with PATH Crisis Center to use the conference room at the McBarnes Building located at 201 E Grove St., Bloomington. Parking is available in the lot north of the property, which is directly across the street from the main entrance to Grove. Center work schedule:

  • Wednesday 28 July 12:00 – 18:00
  • On weekdays until August 12 from 9:00 to 18:00.
  • Saturday, August 7, 10.00 – 14.00
  • Closed on Sundays

Homeowners or renters can apply for a loan to repair or replace disaster-damaged real estate and personal property,
including cars.

Loans are available to companies of all sizes to repair or replace disaster-damaged property owned by the company,
including real estate, inventory, supplies, machinery and equipment. Private non-profit organizations such as
charities, churches and private universities are also eligible.

Economic Loans are also available to small businesses and most private non-profit organizations.
help meet routine and necessary financial obligations that cannot be met as a result of a natural disaster.
Loan terms of up to 30 years can be set, but the law restricts businesses with loans available elsewhere to
maximum seven-year term. The SBA sets the installment amount and the corresponding maturity based on
the ability of each borrower to repay the debt.

According to information provided by SBA, only uninsured or uncompensated damages from natural disasters
having a right. Ancillary homes, personal pleasure boats, airplanes, recreational vehicles and similar objects are not subject to
are eligible for loans, unless these items have been used commercially. Antiques and collections are only allowed to
the degree of functional value of the object.

The flood damage in McLean County did not meet the threshold for a federal disaster declaration from the Federal government.
Emergency Management Agency, but it met the SBA threshold. SBA declaration requires at least 25
homes and / or businesses in the county that have suffered large uninsured losses of 40% or more

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