Missouri Ag Connection - SBA Approves Madison Co. Disaster Declaration

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SBA Approves Madison Co. Disaster Declaration
Missouri Ag Connection - 10/15/2019

Governor JB Pritzker announced the U.S. Small Business Administration (SBA) approved the state's request for assistance to help people and businesses in Granite City and Madison County. The declaration stems from a storm system that moved through the Metro East on August 12 and resulted in severe flash flooding. The approved SBA disaster declaration makes low-interest loans available to homeowners, renters and businesses in Madison County, as well as the contiguous counties of Jersey, Macoupin, Bond, Clinton and St. Clair in Illinois and St Louis City, St. Louis County and St. Charles County in Missouri.

SBA loans can help repair or replace damaged or destroyed real estate. Homeowners and renters can apply for loans to repair or replace damaged or destroyed personal property. Businesses and private non-profit organizations can apply for loans to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets.

"This disaster declaration is a lifeline for those in Madison County and its five neighboring counties," said Governor JB Pritzker. "The low-interest, long-term loans available through the U.S. Small Business Administration will help residents and business owners fund the necessary repairs to get back on their feet. I encourage those affected to visit the Disaster Loan Outreach Center to learn more about the programs and funding that is being made available under this declaration."

A Disaster Loan Outreach Center (DLOC) will be set up to provide additional information and loan assistance at Granite City - City Hall, located at 2000 Edison Avenue.

To be eligible for an SBA declaration, at least 25 homes and/or businesses in a county must sustain major, uninsured losses of 40-percent or more. A recent damage assessment identified 27 homes and four businesses sustained major damages and had uninsured losses. Another 73 homes sustained minor damage as a result of the storm. The damage assessment estimates more than $1.3 million dollars in residential damages due to this weather event.

The filing deadline to return applications for physical property damage is Dec. 9. The deadline to return economic injury applications is July 10, 2020. Any individual or business needing additional information, or wishing to apply for a loan, should contact the SBA Customer Service Center at (800) 659-2955.

Applicants may apply online using the Electronic Loan Application (ELA) via SBA's secure website at DisasterLoan.sba.gov. Loan applications can also be downloaded from www.sba.gov/disaster. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

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