SBA Opens Disaster Loans for Lake County Businesses

SBA Opens Disaster Loans for Lake County Businesses

If you own a small business, run a private non-profit, or are self-employed in Lake County facing financial hardship due to coronavirus (COVID-19), the U.S. Small Business Administration has been authorized to start making low-interest disaster loans available.

Gov. Pritzker announced today that the U.S. Small Business Administration (SBA) has approved the state’s eligibility for disaster assistance loans for small businesses facing financial hardship in all 102 Illinois counties due to COVID-19. Eligible businesses can apply for up to $2 million in low-interest loans.

Applicants may apply online, receive additional disaster assistance information and download applications on the SBA website. Applicants may also call the SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance.

Eligibility for Economic Injury Disaster Loans is based on the financial impact of the Coronavirus (COVID-19). The interest rate is 3.75 percent for small businesses. The interest rate for private non-profit organizations is 2.75 percent. SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years and are available to entities without the financial ability to offset the adverse impact without hardship.

Local assistance can be found here and additional information regarding the program can also be found on the SBA’s coronavirus small business guidance loan resources web page.

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