Local businesses and residents affected by the severe storms and flooding from Feb. 14 through March 4, 2018, can now apply for low-interest disaster loans from the U.S. Small Business Administration. A disaster declaration covers Vermilion County and the adjacent counties Champaign, as well as Vermillion and Warren in Indiana.
Businesses and private nonprofit organizations may borrow up to $2 million to repair or replace disaster damaged real estate and equipment. Loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for loans up to $40,000 to repair damaged personal property.
The loans area at a low rate and with terms up to 30 years. Applicants may apply online at Disasterloan.sba.gov.or call 1-800-659-2955