Small business loans available for derecho damage

WASHINGTON — The U.S. Small Business Administration is reminding small businesses and private nonprofit organizations in Illinois of the July 21 deadline to apply for low-interest federal disaster loans to offset economic losses caused by the derecho July 15-18, 2024.

The disaster declaration covers the Illinois counties of Fulton, Knox, Mason, McDonough, Peoria, Schuyler, Tazewell and Warren.

Under this declaration, SBA’s Economic Injury Disaster Loan program is available to small businesses, small agricultural cooperatives, nurseries and private nonprofits with financial losses directly related to the disaster.

The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for small aquaculture enterprises.

EIDLs are available for working capital needs caused by the disaster and are available even if the small business or private nonprofit did not suffer any physical damage.

The loans may be used to pay fixed debts, payroll, accounts payable and other bills not paid due to the disaster.

“Through a declaration by the U.S. secretary of agriculture, SBA provides critical financial assistance to help communities recover,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA.

“We’re pleased to offer loans to small businesses and private nonprofits impacted by these disasters.”