SBA Offers Disaster Assistance to Businesses and Residents of Illinois Affected by the Condominium Complex Fire in Calumet City in May
Administrator Guzman made the loans available in response to a letter from Illinois Gov. J. B. Pritzker received on July 1, requesting a disaster declaration by the SBA. Businesses and residents in the declared area can now apply for low-interest disaster loans from the SBA. The declaration covers Cook County and the adjacent counties of DuPage, Kane, Lake, McHenry and Will in Illinois, and Lake in Indiana.
“The SBA is strongly committed to providing the people of Illinois with the most effective and customer-focused response possible to assist businesses of all sizes, homeowners and renters with federal disaster loans,” said Guzman. “Getting businesses and communities up and running after a disaster is our highest priority at SBA.”
To assist businesses and residents affected by the disaster, the SBA will open a Disaster Loan Outreach Center (DLOC) at Park of River Oaks Homeowners Association in Calumet City at 11 a.m. Friday, July 8 in Cook County:
Park of River Oaks HOA
150 Park Ave.
Calumet City, IL 60409
Hours: Monday – Friday, 9 a.m. – 6 p.m.
Open: Saturday, 10 a.m. – 2 p.m.
Closed: Sundays
Interest rates are as low as 2.935 percent for businesses, 1.875 percent for nonprofit organizations, and 1.688 percent for homeowners and renters, with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.
Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at DisasterLoanAssistance.sba.gov/ela/s and should apply under SBA declaration # 17501.
The filing deadline to return applications for physical property damage is Sept. 6, 2022. The deadline to return economic injury applications is April 5, 2023.
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