SBA Disaster Loans for Illinois Businesses and Residents
Summary
The U.S. Small Business Administration (SBA) has announced the availability of low-interest disaster loans for businesses, private nonprofits, and residents in Illinois affected by severe storms and flooding from August 16-19. The declaration covers six Illinois counties and one Indiana county, offering physical damage and Economic Injury Disaster Loans (EIDLs).
What changed
The U.S. Small Business Administration (SBA) has issued a disaster declaration making low-interest disaster loans available to businesses, private nonprofits, and residents in six Illinois counties (Cook, DuPage, Kane, Lake, McHenry, and Will) and one Indiana county (Lake) affected by severe storms and flooding that occurred between August 16 and August 19. Businesses and private nonprofits can apply for loans up to $2 million for physical damage and EIDLs, while homeowners and renters can apply for loans up to $100,000 for personal property and up to $500,000 for primary residence repairs.
Affected parties can begin applying for these loans starting March 20, 2026, with assistance available at designated Disaster Loan Outreach Centers. Interest rates are as low as 3% for homeowners/renters and 4% for businesses, with no payments due for the first 12 months. The SBA is unable to provide disaster loans to most agricultural producers, except for small aquaculture enterprises.
What to do next
- Review eligibility criteria for physical damage and EIDL loans.
- Assist affected businesses, nonprofits, and residents in applying for SBA disaster loans.
- Direct applicants to the Disaster Loan Outreach Centers for application assistance.
Source document (simplified)
Disaster news release
IL-20019-01
SBA Offers Disaster Relief to Illinois Businesses, Private Nonprofits and Residents Affected by Severe Storms and Flooding
Low interest disaster loans now available Published on
March 18, 2026
by Office of Disaster Recovery & Resilience WASHINGTON —The U.S. Small Business Administration (SBA) announced the availability of low interest federal disaster loans for Illinois small businesses, private nonprofits, and residents affected by severe storms and flooding occurring Aug. 16 – 19. The SBA issued a disaster declaration in response to a request received from Gov. J.B. Pritzker on March 12.
The declaration covers the Illinois counties of Cook, DuPage, Kane, Lake, McHenry and Will as well as Indiana county of Lake which are eligible for both physical damage loans and Economic Injury Disaster Loans (EIDLs) from the SBA.
Businesses and private nonprofits are eligible to apply for business physical disaster loans and may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.
Homeowners and renters are eligible to apply for home and personal property loans and may borrow up to $100,000 to replace or repair personal property, such as clothing, furniture, cars, and appliances. Homeowners may apply for up to $500,000 to replace or repair their primary residence.
“When disasters strike, SBA’s Disaster Loan Outreach Centers play a vital role in helping small businesses and their communities recover,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “At these centers, SBA specialists assist business owners and residents with disaster loan applications and provide information on the full range of recovery programs available.”
SBA’s EIDL program is available to small businesses, small agricultural cooperatives and private nonprofit (PNP) organizations with financial losses directly related to the disaster. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for small aquaculture enterprises.
EIDLs are for working capital needs caused by the disaster and are available even if the business did not suffer any physical damage. They may be used to pay fixed debts, payroll, accounts payable, and other bills not paid due to the disaster.
Interest rates are as low as 4% for businesses, 3.625% for PNPs, and 3% for homeowners and renters, with terms up to 30 years. Interest does not begin to accrue, and payments are not due, until 12 months from the date of the first loan disbursement. The SBA sets loan amounts and terms, based on each applicant’s financial condition.
Beginning Friday, March 20, SBA customer service representatives will be on hand at the Disaster Loan Outreach Centers in the primary county of Cook to answer questions about SBA’s disaster loan program, explain the application process and help individuals complete their application. Walk-ins are accepted, but you can schedule an in-person appointment in advance at appointment.sba.gov.
The DLOC hours of operation are listed below:
| Disaster Loan Outreach Center (DLOC)
Cook County
Ward 23 - Alderman Tabares
Suite 100
Chicago, IL 60638
Opening: Friday, March 20, 11 a.m. to 4:30 p.m.
Hours: Monday - Thursday, 8:30 a.m. to 4:30 p.m.
Friday – 8:30 a.m. to 2:30 p.m.
Closed: Saturday and Sunday
Permanently Closing: Thursday, April 2 at 4:30 p.m. | Disaster Loan Outreach Center (DLOC)
Cook County
Ward 22 - Alderman Rodriguez
Chicago, IL 60623
Opening: Friday, March 20, 11 a.m. to 5 p.m.
Hours: Monday - Friday, 9 a.m. to 5 p.m.
Closed: Saturday and Sunday
Permanently Closing: Thursday, April 2 at 5 p.m. |
| Disaster Loan Outreach Center (DLOC)
Cook County
Ward 13 - Alderman Quinn
Chicago, IL 60629
Opening: Friday, March 20, 11 a.m. to 5 p.m.
Hours: Monday - Friday, 9 a.m. to 5 p.m.
Closed: Saturday and Sunday
Permanently Closing: Thursday, April 2 at 5 p.m. | Disaster Loan Outreach Center (DLOC)
Cook County
Mt. Prospect Emergency Operations Center
Mt. Prospect, IL 60056
Opening: Friday, March 20, 11 a.m. to 6:30 p.m.
Hours: Monday - Friday, 11 a.m. to 6:30 p.m.
Saturday - 11 a.m. to 3 p.m.
Closed: Sunday
Permanently Closing: Thursday, April 9 at 6:30 p.m. |
| Disaster Loan Outreach Center (DLOC)
Cook County
Village of Berwyn Senior Services
Berwyn, IL 60402
Opening: Friday, March 20, 11 a.m. to 5 p.m.
Hours: Monday - Friday, 9 a.m. to 5 p.m.
Saturday - 10 a.m. to 2 p.m.
Closed: Sunday
Permanently Closing: Thursday, April 9 at 5 p.m. | Disaster Loan Outreach Center (DLOC)
Cook County
Summit Park District
Summit, IL 60501
Opening: Friday, March 20, 11 a.m. to 5 p.m.
Hours: Monday - Friday, 8 a.m. to 5 p.m.
Closed: Saturday and Sunday
Permanently Closing: Thursday, April 9 at 5 p.m. |
To apply online, visit 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 15. The deadline to return economic injury applications is Dec. 16.
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.
Related programs: Disaster
Media contacts
Karen Knapik Email karen.knapik@sba.gov Phone 404-331-0318
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