The U.S. Small Business Administration (SBA) has announced the availability of low-interest federal disaster loans for businesses, nonprofits, and residents in Illinois affected by the Tatra Multi-Family Apartment Complex fire on January 25. This follows an administrative disaster declaration issued on March 13, 2025.
Cook County is eligible for both physical damage loans and Economic Injury Disaster Loans (EIDLs) from the SBA. Neighboring counties such as DuPage, Kane, Lake, McHenry, and Will in Illinois, along with Lake County in Indiana, can apply only for EIDLs.
Businesses and nonprofits may apply for business physical disaster loans up to $2 million to repair or replace damaged assets. Homeowners and renters can apply for home and personal property loans up to $100,000 for personal property replacement or repair. Homeowners may also borrow up to $500,000 to address primary residence damages.
Eligible applicants may receive a loan increase of up to 20% of their verified physical damages for mitigation improvements like strengthening structures against high winds or installing storm shelters.
The EIDL program supports small businesses, agricultural cooperatives, nurseries, and private nonprofit organizations that face financial losses due to the disaster. These loans cover working capital needs even if no physical damage occurred.
Interest rates are set at 4% for small businesses, 3.625% for PNPs, and 2.563% for homeowners and renters with terms extending up to 30 years. Payments start one year after the first loan disbursement.
Starting Wednesday, March 19, SBA customer service representatives will be available at the Disaster Loan Outreach Center (DLOC) in Cook County's Chicago Ridge Village Hall to assist applicants with their loan applications during specified hours.
Chris Stallings from the Office of Disaster Recovery and Resilience emphasized the importance of DLOCs: “Homeowners and Business owners can visit the DLOC to meet face-to-face with specialists who will guide them through the disaster loan application process.”
Survivors are encouraged not to wait for insurance settlements before applying as SBA can provide loans covering total losses within its limits if insurance proceeds are used towards repayment.
Applications can be submitted online at SBA.gov/disaster or by contacting SBA’s Customer Service Center. The deadline for returning applications related to physical property damage is May 12, 2025; economic injury applications must be returned by December 15, 2025.