The U.S. Small Business Administration (SBA) is reminding small businesses and private nonprofit organizations in Illinois of the upcoming deadline to apply for federal disaster loans. These loans are intended to mitigate economic losses resulting from severe flooding that occurred on June 1, 2024. The application deadline is set for April 21, 2025.
This disaster declaration encompasses several counties: Carroll, Jo Daviess, and Stephenson in Illinois; Dubuque and Jackson in Iowa; and Grant and Lafayette in Wisconsin.
The SBA's Economic Injury Disaster Loan (EIDL) program offers assistance to small businesses, small agricultural cooperatives, and private nonprofits that have suffered financial losses due to the disaster. However, the SBA does not provide disaster loans to agricultural producers, farmers, or ranchers, with the exception of small aquaculture enterprises.
"SBA loans help eligible small businesses cover operating expenses after a disaster, which is crucial for their recovery," said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. "These loans not only help business owners get back on their feet but also play a key role in sustaining local economies in the aftermath of a disaster."
Loan amounts can reach up to $2 million with interest rates set at 4% for small businesses and 3.25% for private nonprofits. The loan terms can extend up to 30 years. Importantly, interest does not accrue nor are payments required until 12 months following the first loan disbursement. The SBA determines loan amounts and terms based on each applicant’s financial situation.
Applications can be submitted online at sba.gov/disaster. Additional information about SBA disaster assistance can be obtained by calling the Customer Service Center at (800) 659-2955 or emailing disastercustomerservice@sba.gov. Telecommunications relay services are available by dialing 7-1-1 for those who are deaf or hard of hearing.
All completed loan applications must be submitted by April 21, 2025.