The U.S. Small Business Administration (SBA) said it received more than 50 loan applications from McLean County residents and business owners who suffered flood damage in storms in late June. So far, less than a dozen have been approved.
The SBA has granted $ 427,200 in low-interest long-term loans to 11 homeowners in the county through August 9. This represents almost $ 39,000 per loan. The SBA received 47 mortgage applications.
The SBA has yet to approve commercial loans. She received four applications for business loans.
Janel Finley, public affairs specialist in the SBA’s Office of Disaster Assistance, said some of the loan applications were still under review, but it was not known how many.
The deadline to request compensation for physical damage is September 24. Homeowners and business owners have until April 26, 2022 to apply for loans to cover economic losses.
SBA staff held a Disaster Awareness Lending Center from July 28 through August. 7 at the McBarnes Building in downtown Bloomington to help people with the application process. Loan requests are available on the ASB website and a toll-free number for assistance (800-658-2955).
The McLean County Emergency Management Agency (EMA) estimated that flooding in late June damaged more than 2,000 homes and businesses in the county. This prompted the Pritzker administration to seek a declaration of disaster for the county to get financial aid.
An SBA statement requires that at least 25 homes or businesses in a county have uninsured losses greater than 40%.