ATLANTA - The U.S. Small Business Administration (SBA) and the Illinois Small Business Development Center (SBDC) are teaming up to host an Economic Injury Disaster Loan workshop at the US Bank Building in Chicago on Wed. Feb. 7, from 2:30 p.m. to 7 p.m. The workshop aims to provide critical resources and assistance to small businesses affected by the severe storms and flooding. SBA and SBDC will continue to partner with local stakeholders to conduct webinars and workshops targeted toward small businesses and non-profit organizations located in disaster-declared counties.
At the workshop, SBA Customer Service Representatives will be available to answer questions, upload documents, provide application status updates, and assist in completing reconsideration requests for the SBA Disaster Loan Program.
Business Recovery Center
Cook County
US Bank Building
815 W 63rd St
4th Floor
Chicago, IL 60621
Hours: 2:30 p.m. – 7 p.m.
Workshop: Wed. Feb. 7, 2024
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.
The loan amount can be up to $2 million with interest rates of 4% for small businesses and
2.375% for private nonprofit organizations, with terms up to 30 years. Payments are not due, and interest does not accrue until 12 months from the first disbursement. The SBA sets loan amounts and terms based on each applicant’s financial condition.
Eligibility is based on the size of the applicant, type of activity and its financial resources. These working capital loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred. The loans are not intended to replace lost sales or profits.
These low-interest disaster loans are available in the following counties: Cook, DuPage, Kane, Lake, McHenry, and Will in Illinois; and Lake in Indiana.
Applicants may apply for an EIDL online and receive additional disaster assistance information at SBA.gov/disaster.
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 deadline to return economic injury applications is Aug. 20, 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.