Governor Quinn Secures SBA Disaster Assistance to Help Communities Affected by June 5 Tornadoes

Homeowners, Businesses Affected by Tornadoes in North Central Illinois Eligible to Apply for Low-Interest Loans

SPRINGFIELD, IL - July 7, 2010 - (RealEstateRama) — Governor Pat Quinn today announced that the state’s request for a U.S. Small Business Administration (SBA) disaster declaration has been granted for several counties in north central Illinois that were hit by tornadoes on June 5. The declaration will make low-interest loans available to homeowners, renters and businesses in the primary counties of LaSalle, Livingston and Peoria, as well as 15 contiguous counties, including Kankakee and Putnam.

“This SBA declaration is good news for many people and businesses who suffered devastating losses from these tornadoes,” said Governor Quinn. “The low-interest, long-term loans available through SBA will provide a much-needed helping hand as they repair and rebuild their homes and businesses.”

Governor Quinn submitted the request for an SBA disaster declaration last week after the state was notified by the Federal Emergency Management Agency (FEMA) that Illinois’ request for a federal disaster declaration through that agency had been denied.

In his letter to the SBA, Governor Quinn requested an SBA disaster declaration for LaSalle, Livingston and Peoria counties. The request was based on damage assessments conducted earlier this month by the Illinois Emergency Management Agency (IEMA), FEMA and the SBA, which documented at least 25 homes and/or businesses that sustained uninsured losses of 40 percent or more in each of the three counties.

“This SBA disaster declaration will help many people and businesses with their recovery efforts,” said IEMA Interim Director Joe Klinger. “We appreciate the SBA’s quick action on the Governor’s request.”

Homeowners in the 18 approved counties can apply for low-interest loans to repair or replace damaged or destroyed real estate. Homeowners and renters are also eligible to apply for loans to repair or replace damaged or destroyed personal property. Businesses and private non-profit organizations are eligible to apply for loans to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets.

Shortly after the storms, Governor Quinn declared LaSalle, Livingston, Peoria, Putnam and Kankakee counties state disaster areas to ensure affected communities received needed state assistance to recover from the storms. The state of Illinois dedicated many resources, including trucks and heavy equipment from the Illinois Department of Transportation and work crews from the Illinois Department of Corrections, to assist with debris removal in several of the affected communities.

The other contiguous counties included in the SBA disaster declaration include Bureau, DeKalb, Ford, Fulton, Grundy, Kendall, Knox, Lee, Marshall, McLean, Stark, Tazewell and Woodford.

Additional information about the state’s storm response efforts is available at www.Ready.Illinois.gov.

Tagged as: Governor, loan, Low-Interest, Pat Quinn, SBA

 

 

 

 

Top Authors

USGBC - U.S. Green Building Council

HUD - U.S. Department of Housing and Urban Development

NAR - National Association of REALTOR

RealtyTrac

FHFA - Federal Housing Finance Agency

Freddie Mac

MBA - Mortgage Bankers Association