MATTOON, Ill. (WAND) — The U.S. Small Business Administration (SBA) is offering disaster relief to small businesses and private nonprofits affected by the Mattoon algal bloom this summer.
The low interest federal disaster loans are being made available through the SBA's Economic Injury Disaster Loan (EIDL) program. The declaration will primarily cover Coles County and the adjacent counties of Clark, Cumberland, Douglas, Edgar, Moultrie and Shelby.
Loans can be up to $2 million with interest rates as low as 4% for small businesses and 3.625% for private nonprofits.
The EIDL program is available to eligible small businesses, small agricultural cooperatives, nurseries and private nonprofit organizations impacted by financial losses directly related to the algal bloom.
The SBA said it cannot provide loans to agricultural producers, farmers or ranchers, except for aquaculture enterprises.
The loans are available for working capital needs caused by the algal bloom, even if the business of private nonprofit did not suffer any physical damage. According to the SBA, the money can be used to pay fixed debts, payroll, accounts payable and other bills not paid due to the disaster.
More information can be found on the SBA website.
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