The U.S. Small Business Administration (SBA) has approved the State of Illinois’ request for assistance to help people and businesses in northeastern Illinois recover from severe storms and floods that occurred July 11-27. Through the SBA approval, Illinois property and business owners in Lake, McHenry and Cook Counties are eligible to apply for low-interest, long-term loans.
To be eligible for an SBA declaration, at least 25 homes and/or businesses in a county must sustain major, uninsured losses of 40 percent or more. A damage assessment conducted in August identified 233 homes and 21 businesses in Lake County alone that sustained major damages and had uninsured losses.
Information about the disaster loan program and application deadlines is available on the SBA’s website at http://www.sba.gov/disaster.