A press release from Congressman Randy Hultgren:
Drought Assistance Now Available for Illinois Businesses Other than Farms, says Hultgren
GENEVA, IL— U.S. Representative Randy Hultgren (IL-14) today announced that Economic Injury Disaster Loans from the Small Business Administration (SBA) are now available for businesses other than farms in Bureau, DeKalb, Henry, Kendall, Montgomery and Whiteside counties that suffered financial losses as a direct result of this year’s drought. [Note that this is a government press release and Hultgren does not represent McHenry County yet. McHenry County is included in this relief because it is contiguous with counties declared affected by the drought.]
“When the Secretary of Agriculture issues a disaster declaration to help farmers recover from damages and losses to crops, the Small Business Administration issues a declaration to eligible entities affected by the same disaster,” said Frank Skaggs, director of SBA’s Field Operations Center East in Atlanta.
According to the SBA, the loans are only for farm-related or nonfarm-related entities such as small businesses, small agricultural cooperatives, and private non-profit organizations. Producers, farmers and ranchers are not eligible for the SBA loans, but may be eligible for assistance through the U.S. Department of Agriculture and should visit www.fsa.usda.gov for more information.
SBA loan amounts will vary based on the size of the applicant, type of activity and financial resources, but may go up to $2 million. They may be used to pay fixed debts, payroll, accounts payable, and other bills that entities were unable to pay because of the disaster. They are not intended to replace lost sales or profits.
“The effects of the 2012 drought have been far-reaching and devastating for businesses other than farms,” said Rep. Hultgren. “While these loans can’t make up for lost profit, they can help a business or nonprofit maintain stable operations, saving many jobs in the process.”
Applicants may apply either by mail or online using the Electronic Loan Application (ELA) via SBA’s secure website: https://disasterloan.sba.gov/