Peoria, IL – Small businesses and nonprofit organizations across central Illinois have until July 21 to apply for federal disaster loans in the wake of last summer’s damaging derecho.
The U.S. Small Business Administration (SBA) is encouraging eligible applicants in Fulton, Knox, Mason, McDonough, Peoria, Schuyler, Tazewell and Warren counties to seek assistance under its Economic Injury Disaster Loan (EIDL) program, which offers low-interest loans to offset economic losses from the July 15-18, 2024 storm.
According to the SBA, businesses and private nonprofits that sustained financial hardship due to the derecho—even if they did not suffer physical damage—can qualify for working capital loans. The EIDL funds may be used to cover payroll, rent, utilities, and other operating expenses that could not be met because of the disaster.
“SBA provides critical financial assistance to help communities recover,” said Chris Stallings, associate administrator of the SBA’s Office of Disaster Recovery and Resilience. “We’re pleased to offer loans to small businesses and private nonprofits impacted by these disasters.”
The program is open to small businesses, small agricultural cooperatives, aquaculture enterprises, nurseries, and PNPs. However, agricultural producers, farmers, and ranchers are not eligible unless they fall under aquaculture.
The SBA emphasized that these loans are for economic injury—not for physical damage—making them a vital recovery tool for organizations that lost revenue or clients due to the derecho’s disruption.
Applicants can apply online or get more information by contacting the SBA’s Field Operations Center – East at (404) 331-0333 or by emailing Public Affairs Specialist Janel Finley at Janel.finley@sba.gov.
This article was produced by a journalist and may include AI-assisted input. All content is reviewed for accuracy and fairness.
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