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SBA Approves Disaster Loans For McLean County Residents, Businesses, Nonprofits

Baseball field looded
Facebook/McLean County PONY Baseball
McLean County PONY Baseball fields in Bloomington were flooded in late June.

McLean County residents, business owners and nonprofit organizations can now apply for low-interest loans to help cover the cost of flood damage.

U.S. Reps. Rodney Davis and Darin LaHood announced Monday the U.S. Small Business Administration has approved the Pritzker administration's request for a disaster declaration for McLean County.

“McLean County was devastated by the recent flooding that affected so many local families and businesses,” McLean County Sheriff Jon Sandage said in a news release. “The SBA disaster declaration request will provide some necessary financial assistance to those who have suffered loss and the McLean County Sheriff’s Office along with the McLean County Emergency Management Agency fully supported the declaration request."

Hundreds of properties were damaged in late June after more than 10 inches of rain dumped on parts of the county in late June.

The SBA has a loan application on its website and a customer service center where residents and business owners can call for assistance, 800-658-2955.

The SBA and McLean County Emergency Management Agency (EMA) also will open a disaster loan outreach center starting Wednesday, July 28, to help people apply. It will be located at the McBarnes Building, 201 E. Grove St. in Bloomington. The site will be open from noon-6 p.m. that day; then on weekdays from 9 a.m. to 6 p.m. through Aug. 12; and again from 10 a.m. to 2 p.m. on Saturday, Aug. 7.

The SBA is offering economic injury disaster loans for small businesses and nonprofit organizations, too. The SBA can set loan terms of up to 30 years if an applicant can’t get credit elsewhere.

Home loans start at 1.625% interest, according to an SBA disaster loan fact sheet. Business loans start at 2.88% interest.

The agency also will also offer the loans to residents of counties surrounding McLean County.

The deadline to apply for relief from physical damage is Sept. 24. The deadline to apply for help from economic injury is April, 26, 2022.

An SBA declaration requires at least 25 homes or businesses in a county have uninsured losses of greater than 40%.

McLean County did not sustain enough flood damage for a federal disaster declaration.

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Eric Stock is the News Director at WGLT. You can contact Eric at ejstoc1@ilstu.edu.
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