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Business Recovery Center Opens in Sherman

Small businesses in Sangamon County affected by the severe storms that struck on March 31, 2023, now have the opportunity to seek assistance through low-interest Economic Injury Disaster Loans (EIDLs) offered by the U.S. Small Business Administration (SBA). This initiative aims to support local businesses, small agricultural cooperatives, small aquaculture businesses, and private nonprofit organizations impacted by the recent natural disaster.


The SBA's disaster declaration encompasses Sangamon County, along with Boone, DuPage, and Lee counties, as well as several adjacent counties in Illinois and Wisconsin. To facilitate the recovery process, Business Recovery Centers (BRCs) will be established in each of the affected counties, including Sangamon County.


Opening on Wednesday, July 12, the BRC at Sherman Village Hall (401 St John Dr, Sherman, IL 62684) will operate Monday through Friday from 9 a.m. to 6 p.m., Saturday from 10 a.m. to 2 p.m., and will be closed on Sundays. The center will permanently close on Monday, July 24, at 4 p.m.


"These low-interest loans will provide much-needed assistance to our local businesses as they navigate the path to recovery,” said Tim Krell, Sangamon County Board Member, “We encourage all eligible businesses to take advantage of this opportunity and visit the Business Recovery Center if they need help.”


The EIDLs offered by the SBA are designed to help businesses overcome working capital challenges resulting from the disaster. Small businesses and most private nonprofit organizations can apply for loans with interest rates of 4 percent, while nonprofit organizations have the option of a reduced rate of 2.375 percent. Loan amounts and terms will be determined by the SBA based on the financial circumstances of each applicant. Applications can be submitted online through the secure website of the SBA's Electronic Loan Application (ELA) at https://disasterloanassistance.sba.gov/ela/s/. Alternatively, interested parties can contact the SBA's Customer Service Center at 800-659-2955 or email DisasterCustomerService@sba.gov for further assistance.


Business owners affected by the severe storms should be aware that the deadline for returning economic injury applications is April 3, 2024.



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