Low-interest disaster loans from the U.S. Small Business Administration (SBA) are available to businesses and residents in Illinois following the announcement of a Presidential disaster declaration due to severe storms and flooding on June 29 through July 2, 2023.
“SBA’s mission-driven team stands ready to help Illinois small businesses and residents impacted by this disaster in every way possible under President Biden’s disaster declaration for certain affected areas,” said SBA Administrator Isabella Casillas Guzman. “We’re committed to providing federal disaster loans swiftly and efficiently, with a customer-centric approach to help businesses and communities recover and rebuild.”
The disaster declaration covers Cook County in Illinois, which are 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.
Disaster survivors should not wait to settle with their insurance company before applying for a disaster loan. If a survivor does not know how much of their loss will be covered by insurance or other sources, SBA can make a low-interest disaster loan for the total loss up to its loan limits, provided the borrower agrees to use insurance proceeds to reduce or repay the loan.
See below press releases for more information.