Disaster Loans Made Available to Illinois Small Businesses

Business based in DuPage County and other Illinois locations are eligible to apply for the assistance of a Small Business Administration Economic Injury Disaster Loan. Disaster loans have been a popular subject of late as a result of storms and wind damage that has swept through Illinois in late spring and early summer.

Disaster Loans Made Available to Illinois Small BusinessesHomeowners already had access to disaster loans up to $200,000 ($40,000 for renters) to assist with repair or replacement of property as a result of storms. Private nonprofits and businesses are eligible to borrow as high as $2 million to assist with the repair or replacement of property, machinery, or other business assets that might have been destroyed in storms.

In the wake of a storm or other natural disaster, a small business can suffer sudden and unexpected losses of capital. Having a comprehensive disaster management plan and appropriate insurance is part of business planning, and retaining an attorney for general counsel is a wise decision for today’s small business owner. In the blink of an eye, critical assets can disappear and regular business operations can be disrupted. Adequate business planning can help to minimize your losses and allow you to be up to normal as quickly as possible.

In Illinois, business owners in Adams, Clark, Crawford, Kendall, Knox, Fulton, Grundy, Rock Island, DuPage, Henderson, Livingston, Marshall, Mason, McHenry, Ogle, Pike, Putnam, Warren, and Woodford counties are eligible to apply for the disaster assistance loans, which have interest rates as low as 2.875 percent for nonprofits and 4 percent for business owners. The loan amounts and specific terms for each are identified by the Small Business Administration. To learn more about how to protect your business and the benefits of general counsel over the long run, contact our office today in Illinois to discuss your unique business needs.

 

 

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