At the end of June, the United States Small Business Administration (SBA) announced the availability of financial assistance to businesses and residents in Lake County, Ind. that have been affected by recent civil unrest.
The SBA assistance comes in the form of special, low-interest loans and was made in response to Illinois governor J.B. Pritzker’s disaster declaration request for the Chicago area, which includes six Illinois counties and Indiana’s Lake County.
The loans range in amount, up to $200,000 for damaged real estate or $40,000 for personal property with interest rates from as low as 1.25% for homeowners and residents, 2.75% for non-profits and 3% for businesses and carry terms as long as 30 years. Applications for property damage loans are due by Aug. 24, 2020 and applications for economic injury loans are due on March 23, 2021.
“I think I speak for a great many Lake County residents and business owners when I say these loans are a welcome resource for our community,” State Senator Frank Mrvan (D-Hammond) said. “I understand and sympathize with the motivations behind these recent protests against racially motivated violence. These loans will provide much needed relief for members of our community whose homes and businesses sustained damage in some of the demonstrations. To all those who are interested in applying, I urge you to do so as quickly as possible. That August 24th deadline will be here before you know it!”
The SBA encourages business owners and residents interested in applying to call 571-422-6016 or 470-363-6079 to set up a one-on-one appointment with an SBA representative to help interested parties fill out their applications.
The SBA stresses this assistance is only in relation to civil unrest in the Chicago area between May 26 through June 8, 2020, not for COVID-19 related assistance.
More information from the SBA can be found here.