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SBA urges Streator tornado victims to seek disaster loans before recovery center closes · Illinois Valley - Shaw Local

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  Speaker 1: SBA urges Streeter tornado victims to seek disaster loans before
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  Speaker 1: recovery center closes. Written by Bill Frescos, This article is
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  Speaker 1: being read by an automated voice brought to you by Everlett.
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  Speaker 1: With the local disaster recovery center set to close this week,
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  Speaker 1: the US Small Business Administration is urging Streeter residents and
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  Speaker 1: businesses affected by the tornado last month to apply for
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  Speaker 1: federal disaster loans before the deadline. Rles Green, a public
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  Speaker 1: affairs specialist with the SBA's Office of Disaster Recovery, said
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  Speaker 1: many eligible survivors in LaSalle County still may not realize
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  Speaker 1: assistance is available and misunderstand what SBA's programs actually offer.
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  Speaker 1: The SBA's Disaster Recovery Center, located at Straighter City Hall,
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  Speaker 1: two zero four South Bloomington Street, is scheduled to permanently
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  Speaker 1: close at five pm on Thursday, July thirtieth, where Green
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  Speaker 1: said the agency could potentially extend it. Current hours are
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  Speaker 1: eight am to six pm Monday through Friday and eight
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  Speaker 1: am to noon Saturday. Despite its name, the Small Business
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  Speaker 1: Administration offers disaster assistance to more than just businesses. A
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  Speaker 1: lot of people when they hear our name. I think
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  Speaker 1: they believe that we only serve business, as Green said,
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  Speaker 1: we serve homeowners, renters, businesses, and nonprofits. The SBA offers
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  Speaker 1: three types of low interest disaster loans. Homeowners and renters
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  Speaker 1: with storm damage may qualify for loans with interest rates
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  Speaker 1: as low as two point eight seven five percent. Homeowners
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  Speaker 1: can borrow up to five hundred thousand dollars to repair
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  Speaker 1: or replace damage real estate, while renters may borrow up
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  Speaker 1: to one hundred thousand dollars to replace damaged personal property.
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  Speaker 1: Businesses and private nonprofit organizations with damage may qualify for
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  Speaker 1: loans of up to two million dollars with interest rates
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  Speaker 1: as low as four percent. The agency all offers economic
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  Speaker 1: injury disaster loans specifically for businesses and nonprofit organizations that
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  Speaker 1: had financial losses because of the storm, even if they
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  Speaker 1: did not sustain any physical damage. Those loans are also
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  Speaker 1: available for up to two million dollars with interest rates
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  Speaker 1: as low as four percent. The deadline to apply for
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  Speaker 1: physical damage loans is September eighth, while businesses seeking economic
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  Speaker 1: injury disaster loans have until April twelfth, twenty twenty seven,
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  Speaker 1: to apply. Green said many businesses do not immediately realize
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  Speaker 1: the financial effects of a disaster. We've seen sometimes it
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  Speaker 1: takes a business up to a year to realize that
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  Speaker 1: they have been impacted by the storm, she said. Green
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  Speaker 1: also encouraged those who paid for repairs using credit cards,
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  Speaker 1: store financing, or personal loans to consider applying. Any survivors
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  Speaker 1: that maybe had a Low's card or a home Depot
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  Speaker 1: card and they use those cards or even a personal
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  Speaker 1: loan to get back for repairs and replacements, they can
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  Speaker 1: be reimbursed by these funds, she said. She noted that
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  Speaker 1: many retail credit cards carry interest rates well above those
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  Speaker 1: offered through the program. I know a lot of people
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  Speaker 1: they tend to say, well, I don't want a loan,
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  Speaker 1: Green said, But if they look at it, you're paying
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  Speaker 1: out much more for repairs and recovery. This is a
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  Speaker 1: good program and it's very beneficial to the survivors. Updated
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  Speaker 1: figures on the number of applications and approved loans in
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  Speaker 1: LaSalle County were not immediately available, but this article will
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  Speaker 1: be updated when they are