Deadline for loan assistance in the event of a flood is approaching

Written By : on August 18, 2021

BLOOMINGTON (WEEK) – Following normal Bloomington flooding in late June, the US Small Business Administration approved a disaster declaration for McLean County.

U.S. Representative Rodney Davis, Representative Dan Brady, EMA Deputy Director Cathy Beck and Mclean County Sheriff Jon Sandage briefed the community on the disaster response on Wednesday.

The previous week, the SBA had left town after sending time there in person. They always offered help to the community through loans.

“SBA disaster assistance is still ongoing for those affected by the June floods. The deadline for requesting compensation for physical damage is September 24 of this year and April 26, 2022 for cost effective compensation, ”said Davis.

Flood damage was not eligible for federal assistance. This came nearly six months after Davis urged FEMA to consider the local impacts of disasters when determining federal aid.

“We have an unfair formula that still exists today. That leaves Illinois out because most of our population lives in the northeast corner of our state. Almost all disaster-stricken states will not meet this threshold unless FEMA starts doing what my law says it can do, ”Davis said.

Among Bloomington residents who applied for loans, about 44% of applicants received these loans.

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Author: Michael O'hare

Michael is a Experience Auto Financing Specialist that Prides himself on Providing a Full Scope of Options for all His Clients and Customers. Not only does he provide guidance and assistance for those looking into getting a Car Loan, but helps those who have challenging credit scores to get approved for the lowest rates possible!