Governor Blagojevich sought declaration so homeowners and businesses would be eligible for low interest loans
SPRINGFIELD, IL – September 10, 2008 – (RealEstateRama) — Governor Rod R. Blagojevich today said he is pleased that his request for a U.S. Small Business Administration (SBA) disaster declaration for Southern Illinois counties affected by flooding in March has been granted. On August 27, Governor Blagojevich asked the SBA to make low-interest loans available to homeowners, renters and businesses hard-hit by the flooding. The Governor was notified by the SBA that Alexander, Franklin, Gallatin, Hamilton, Hardin, Jackson, Johnson, Massac, Pope, Pulaski, Saline, Union, White and Williamson counties had been approved.
“We’ve worked very hard to find help for the people whose lives were shattered by the damaging flood waters this spring,” said Gov. Blagojevich. “While we’re disappointed that our request for a disaster declaration from the Federal Emergency Management Agency was denied, the low-interest loans available through the Small Business Administration will go a long way toward helping these people put their lives back together.”
Homeowners in the approved counties can apply for low-interest loans up to $200,000 to repair or replace damaged or destroyed real estate. Homeowners and renters also are eligible for up to $40,000 to repair or replace damaged or destroyed personal property. Businesses and private non-profit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.
The filing deadline to return applications for property damage is Nov. 3, 2008. The deadline to return economic injury applications is June 2, 2009.
Any individual or business needing additional information or wishing to apply for a loan should contact the SBA Customer Service Center at (800) 659-2955.