SBA Approves 11 Home Loans In McLean County Following June Flooding
The U.S. Small Business Administration (SBA) says it has received more than 50 loan applications from McLean County residents and business owners who experienced flood damage during the late June storms. So far, fewer than a dozen have been approved.
The SBA has issued $427,200 in low-interest, long-term loans to 11 homeowners in the county through Aug. 9. That's close to $39,000 per loan. The SBA has received 47 home loan applications.
The SBA has not approved any business loans yet. It has received four business loans applications.
Janel Finley, public affairs specialist with the SBA’s Office of Disaster Assistance, said some of the loan applications are still under review, but it's not clear how many.
The deadline to apply for relief from physical damage is Sept. 24. Homeowners and business owners have until April 26, 2022, to apply for loans to cover economic losses.
The SBA staff hosted a disaster outreach loan center from July 28-Aug. 7 at the McBarnes Building in downtown Bloomington to assist people with the application process. Loan applications are available on the SBA website and a toll-free number to call for help (800-658-2955).
McLean County Emergency Management Agency (EMA) has estimated late June flooding damaged more than 2,000 homes and businesses in the county. That prompted the Pritzker administration to seek a disaster declaration for the county to get financial relief.
An SBA declaration requires at least 25 homes or businesses in a county have uninsured losses of greater than 40%.