ATLANTA – The U.S. Small Business Administration (SBA) announced today it will open a third Business Recovery Center (BRC) in Cook County at 1 p.m. Wednesday, Aug. 30, at the Cicero Community Center. SBA is opening the Center to assist Illinois businesses with losses due to severe storms and flooding that occurred from June 29 through July 2.
“Our Business Recovery Centers are one of the most powerful resources at SBA’s disposal to support business owners in the midst of a disaster,” said Francisco Sanchez, Jr., Associate Administrator, associate administrator, Office of Disaster Recovery and Resilience. “Business owners can meet in-person with our specialists to apply for SBA disaster loans and get information on the full breadth of our programs designed to help them navigate their recovery.”
The disaster declaration covers Cook County in Illinois, which are is eligible for both Physical and Economic Injury Disaster Loans from the SBA. Small businesses and most private nonprofit organizations in the following adjacent counties are eligible to apply only for SBA Economic Injury Disaster Loans (EIDLs): DuPage, Kane, Lake, McHenry, and Will in Illinois; and Lake in Indiana.
Customer Service Representatives at SBA’s Business Recovery Centers will assist business owners complete their disaster loan application, accept documents for existing applications, and provide updates on an application’s status. The Centers will operate as indicated below until further notice:
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Business Recovery Center Cook County
Chicago, IL 60623
Hours: Weekdays, 9 a.m. to 5 p.m. Closed: Saturdays & Sundays |
Business Recovery Center Cook County
SBA District Office 332 S. Michigan Ave., Suite 600 Chicago, IL 60604
Hours: Weekdays, 8 a.m. to 6 p.m.
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Business Recovery Center Cook County
Cicero, IL 60804
Opening: Wednesday, Aug. 30, 1 p.m. to 7 p.m. Hours: Weekdays, 9 a.m. to 7 p.m. Closed: Sundays |
Businesses and private nonprofit organizations of any size may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.
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.
Interest rates are as low as 4 % for businesses, and 2.375 % for nonprofit organizations, and 2.5% for homeowners and renters, with terms up to 30 years. The SBA sets loan amounts and terms based on each applicant’s financial condition. Interest does not begin to accrue until 12 months from the date of the initial disaster loan disbursement. SBA disaster loan repayment begins 12 months from the date of the initial disbursement.
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 # 18075.
To be considered for all forms of disaster assistance, applicants should register online at DisasterAssistance.gov or download the FEMA mobile app. If online or mobile access is unavailable, applicants should call the FEM toll-free helpline at 800-621-3362. Those who use 711-Relay or Video Relay Services should call 800-621-3362.
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. 16, 2023. The deadline to return economic injury applications is May 15, 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 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.