SBA Offers Relief to Illinois Businesses, Private Nonprofits, and Residents Affected by Severe Storms Low-interest disaster loans now available

SBA Offers Relief to Illinois Businesses, Private Nonprofits, and Residents Affected by Severe Storms Low-interest disaster loans now available 

 

WASHINGTON -The U.S. Small Business Administration announced the availability of low interest federal disaster loans for Illinois small businesses, private nonprofit organizations, and residents affected by severe storms occurring July 27. The SBA issued a disaster declaration in response to a request received from Governor JB Pritzker on Aug. 17.

The declaration covers the Illinois counties of Cook, DuPage, Grundy, Kane, Kankakee, Kendall, Lake, McHenry, and Will, and Lake County in Indiana, which are eligible for both physical damage loans and Economic Injury Disaster Loans from SBA.

Businesses and private nonprofits are eligible to apply for business physical disaster loans and may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.

Homeowners and renters are eligible to apply for home and personal property loans and may borrow up to $100,000 to replace or repair personal property, such as clothing, furniture, cars, and appliances. Homeowners may apply for up to $500,000 to replace or repair their primary residence.

Applicants may also be eligible for a loan increase of up to 20% of their physical damage, as verified by the SBA, for mitigation purposes. Eligible mitigation improvements include strengthening structures to protect against high wind damage, upgrading to wind rated garage doors, and installing a safe room or storm shelter to help protect property and occupants from future damage.

"When disasters strike, SBA's Disaster Loan Outreach Centers play a vital role in helping small businesses and their communities recover," said Chris Stallings, Associate Administrator of the Office of Disaster Recovery and Resilience at SBA. "At these centers, SBA specialists assist business owners and residents with disaster loan applications and provide information on the full range of recovery programs available."

The SBA's Economic Injury Disaster Loan (EIDL) program is available to eligible small businesses, small agricultural cooperatives, and private nonprofits - including faith-based organizations - impacted by financial losses directly related to this disaster. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for aquaculture enterprises.

To apply on line, visit sba.gov/disaster. Applicants may also call SBA's Customer Service Center at {800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

The filing deadline to return applications for physical property damage is Oct. 19. The deadline to return economic injury applications is May 18, 2027.

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About the U.S. Small Business Administration

The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

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