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SBA Offers Disaster Loans to Businesses and Residents Impacted by Kankakee River Ice Jam Flooding
Mike Theodore

SBA Offers Disaster Loans to Businesses and Residents Impacted by Kankakee River Ice Jam Flooding

County Executive Jennifer Bertino-Tarrant and Will County Emergency Management Agency (EMA) Director Allison Anderson issued the following statements in response to the U.S. Small Business Administration (SBA) announcing that low-interest disaster loans will be available to residents and businesses impacted by the Kankakee River Ice Jam Flooding that occurred in January 2024:

“I encourage all residents and business owners in Will County who were impacted by flooding to apply for these low-interest, long-term disaster loans,” said County Executive Bertino-Tarrant. “Thank you to the SBA and Governor Pritzker for working to ensure that relief is available for those who were impacted by the Kankakee River ice jam flooding.”

“If you were negatively impacted by the Kankakee River ice jam flooding, please consider applying online or in-person for these loans before the May 13 deadline.” said Will County EMA Director Anderson. “Representatives will be available in-person until March 29 to assist with filing applications. These loans are available to any resident, small business owner, and non-profit organization in Will County that were negatively impacted by the flooding. We appreciate the SBA and the State of Illinois for continuing to support recovery efforts in the area.”

 

Press Releasefrom the U.S. Small Business Administration:

Release Date: March 14, 2024

Contact: Michael Lampton (404) 331-0333 - Michael.Lampton@sba.gov

SBA Offers Disaster Loans to Businesses and Residents in Wilmington, IL

 

WASHINGTON – Illinois businesses and residents affected by the ice jams and flooding that occurred Jan. 15-25 are eligible to apply for low-interest disaster loans from the U.S. Small Business Administration, SBA Administrator Isabel Casillas Guzman announced today.

The SBA made the loans available in response to a letter from Illinois Governor J.B. Pritzker on March 8 requesting a disaster declaration by the SBA. The declaration covers Will County and the adjacent counties of Cook, DuPage, Grundy, Kankakee and Kendall in Illinois and Lake in Indiana.  Eligible applicants in the declared area can now apply for low-interest, long-term disaster loans from the SBA to support the economic recovery of the impacted community. 

“SBA stands ready to help the residents and businesses of Illinois impacted by the disaster in the City of Wilmington,” said Administrator Guzman. “With today’s announcement, we stand committed to providing assistance in the form of federal disaster loans to help businesses and communities get the financial support they need to recover and rebuild.”

To assist businesses and residents affected by the disaster, the SBA will open a Disaster Loan Outreach Center (DLOC), at the location and times below:

Disaster Loan Outreach Center – Will County

Wilmington Lion's Club

805 River St. Wilmington, IL 60481

Opening: Friday, March 15, 11 a.m. to 6 p.m.

Hours: Monday – Friday, 9 a.m. to 6 p.m., Saturdays, 10 a.m. to 2 p.m.

Closed: Sundays

Permanently Closes:  Friday, March 29 at 4 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 Willette LeGrant.

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. 

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, 3.25% for nonprofit organizations, and 2.688% 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.

Applicants may apply online and receive additional disaster assistance information at 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 May 13, 2024. The deadline to return economic injury applications is Dec. 13, 2024

###

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.

 

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