The Small Business Administration assists those affected by Calumet City condo fire

The Small Business Administration set up a Disaster Loan Outreach Center in Calumet City to provide resources to those affected by the May 30 fire at The Park of River Oaks Condominium. Photo provided by Ying Elliott.
The Small Business Administration set up a Disaster Loan Outreach Center in Calumet City to provide resources to those affected by the May 30 fire at The Park of River Oaks Condominium. Photo provided by Ying Elliott.

The Small Business Administration assists those affected by Calumet City condo fire

By Tia Carol Jones
On Monday, May 30th, there was a fire at The Park of River Oaks Condominium, located at 150 Park Ave., in Calumet City.  The Small Business Administration opened a temporary Disaster Loan Outreach Center in early July to assist residents and businesses affected by the fire after Governor JB Pritzker sent a letter to the Small Business Administration. That letter requested a disaster declaration and allows residents and businesses to apply for a low-interest disaster loan from the Small Business Administration. The declaration covers Cook County, Lake County in Indiana, as well as DuPage, Kane, Lake, McHenry and Will counties in Illinois.

Ying Hu Elliott, Ph.D. is the public affairs specialist for the Field Operations Center East of the Small Business Administration. She said normally when a major disaster occur, the Small Business Administration will be present to provide help. The Small Business Administration has been in contact with Calumet City Mayor Thaddeus Jones, as well as Calumet City Clerk Nyota Figgs, the Department of Economy and officials from the Fire Department and Cook County Emergency Management offices.

Small Business Administration works together with FEMA if the request for disaster declaration is made by the President. In the case of the Park of River Oaks Condominium fire, since the request was made by Pritzker, the Small Business Administration came to lend their assistance.

To help out the residents and businesses affected by the condominium fire, the long-term, low interest rate loans available through the Small Business Administration are as low 1.688% for homeowners and renters, 2.935% for businesses and 1.875% for non-profit organizations. These rates are fixed and the loan term is up to 30 years. “This means the applicants will have more time to recover and rebuild,” Elliott said.

She added, the homeowner can borrow up to $200,000 to repair or replace disaster damage. Renters can borrow up to $40,000 to repair and replace disaster damage. Churches also can apply for the Small Business Disaster loans. Even if businesses don’t suffer physical damage, the business owners can apply for an Economic Disaster Injury Loan through SBA if their businesses were affected.

According to Elliott, 35 individuals suffered a major loss, which means 40% or more of the uninsured property was lost. According to the letter from the Governor, more than 100 houses were relocated due to the fire.

“A lot of people have been affected and we are glad we are able to provide the opportunity for them to think about [recovering and rebuilding],” Elliott said.

While the Disaster Loan Outreach Center closed on Thursday, July 21st, Elliott encouraged residents and businesses to call 800-659-2955 and visit www.disasterloans.sba.gov/ela/s for assistance. An application can also be mailed to residents who are in need of assistance. Elliott encouraged people to apply for the loan as soon as possible.

The deadline to file the applications for physical property damage is Tuesday, Sept. 6th, and the deadline to file economic injury disaster loan applications is Wednesday, April 5, 2023.

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