ATLANTA –Illinois businesses and residents affected by the Emerald Village Senior Living Facility fire in the Schaumburg area of Cook County on July 14 are eligible to apply for low-interest disaster loans from the U.S. Small Business Administration, SBA Administrator Isabella Casillas Guzman announced today.
Administrator Guzman made the loans available in response to a letter from Illinois Governor
JB Pritzker dated Aug. 15, 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 11 a.m. Monday, Aug. 28 in Schaumburg, Illinois. The Center will be closed for Labor Day.
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Disaster Loan Outreach Center Opening: Monday, Aug. 28, 11 a.m. to 5 p.m. Hours: Monday – Friday, 8 a.m. to 5 p.m. Saturdays, 10 a.m. to 2 p.m. Closed: Sundays Temporary Closure: Monday, Sept. 4 (Labor Day Observance) Permanently Closes: Monday, Sept. 11, at 5 p.m. |
Customer Service Representatives will be available at the DLOC to answer questions about the disaster loan program and help individuals complete their applications.
“Businesses and private nonprofit organizations may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets,” said SBA’s Illinois District Director Robert Steiner.
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations, the SBA offers Economic Injury Disaster Loans (EIDLs) to help meet working capital needs caused by the disaster. Economic Injury Disaster Loan assistance is available regardless of whether the business suffered any physical property damage.
“Loans up to $500,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for loans up to $100,000 to repair or replace damaged or destroyed personal property,” said Ed Fears, acting director of SBA’s Field Operations Center East.
Applicants may be eligible for a loan amount increase of up to 20 percent of their physical damages, as verified by the SBA for mitigation purposes. Eligible mitigation improvements may include a safe room or storm shelter, sump pump, French drain or retaining wall to help protect property and occupants from future damage.
Interest rates are as low as 4 % for businesses, 2.375 % for nonprofit organizations, and 2.5 % 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.
SBA disaster loan borrowers have up to one year from the date of the note to begin making payments. In addition, interest does not begin to accrue until 12 months from the date of the initial loan disbursement and accrues only on the amount disbursed.
Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at https://disasterloanassistance.sba.gov/ela/s/ and should apply under SBA declaration # 18096.
Disaster loan information and application forms can also be obtained by calling the SBA’s Customer Service Center at 800-659-2955 (if you are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services) or sending an email to DisasterCustomerService@sba.gov. Loan applications can also be downloaded from sba.gov/disaster. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The filing deadline to return applications for physical property damage is Oct. 23, 2023. The deadline to return economic injury applications is May 23, 2024.
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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, 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.