SBA sets up Business Recovery Center at Washington Library

By WEEK Reporter

December 7, 2013 Updated Dec 7, 2013 at 9:58 PM CDT

WASHINGTON, Ill. -- According to the Small Business Administration, after a natural disaster more than one third of all local businesses are likely to fold. Now small businesses in washington and other affected areas will have some relief. The administration set up a Business Recovery Center at the Washington Library.

They are offering low interest loans for physical and economic injuries to help cover costs that insurance won't. Specialist Edward Williams says the businesses that survived the storm may also be in need.

"People just don't come into the area. They don't shop. Homeowners that lived in the area are all gone. So their customer base is gone. So what we do is offer working capital loans to get them through the cycle of injury til the homes are rebuilt and their customers come back," said Williams.

All applications are free, and business owners are not obligated to accept the loans.

The SBA will be at the Washington Library Monday-Thursday from 9am-6pm and Saturday from 9am-5pm.

The application deadline for physical property damage is January 27, 2014. the deadline for economic injury applications is August 26, 2014.