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Flood victims eligible for SBA loans

July 21, 2009

Lake County officials have announced that financial assistance is available to residents affected by the heavy rain of June 18 to June 20.

The U.S. Small Business Administration has included Lake County in its disaster declaration for southeast Wisconsin. The assistance is available to help with uninsured flood losses.

Homeowners, renters, business owners and private not-for-profit organizations may qualify for assistance regardless of where they are located in Lake County. Eligible damage could have been caused by river or stream flooding, overland (flash) flooding, or storm water and sewer back-up into homes.

Applications for funding can be made in person, by telephone at (800) 659-2955 or through the SBA Web site, .

Those applying in person must visit one of the SBA assistance centers in Kenosha County.

The SBA will have counselors at the Kenosha County Job Center Commons, Entrance D, 8600 Sheridan Road, Kenosha, from 9 a.m. to 6 p.m. Tuesday through Friday and from 8 a.m. to noon July 25. They will be at the Kenosha Department of Human Services, Kenosha County Center, 19600 75th St., Bristol, Wis., from 9 a.m. to 6 p.m. July 27 to July 30 and from 9 a.m. to 4 p.m. July 31.

"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 or replace damaged or destroyed personal property," said Frank Skaggs, director of SBA's Disaster Field Operations Center in Atlanta.

Businesses and non-profit organizations of any size may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.

The filing deadline to return applications for physical property damage is Sept. 14. The deadline to return economic injury applications is April 15, 2010.

While the county issued a disaster declaration because of the flooding, officials said the Illinois Emergency Management Agency and the Lake County Emergency Management Agency completed a thorough review of the damage information compiled across the county, and it does not appear the flooding meets conditions typically required for a major disaster declaration through the Federal Emergency Management Agency.


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