Illinois Residents Urged to Apply for SBA Loans Before November 19 After Summer Tornadoes and Floods

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A tornado spins in a field beneath a supercell thunderstorm during a severe weather event in Selden, Kansas.
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Chicago, IL – Illinois homeowners impacted by this summer’s tornadoes and floods have until November 19 to apply for low-interest disaster loans through the U.S. Small Business Administration (SBA). These loans aim to help residents and businesses recover from the severe storms that occurred between July 13 and 16.

The SBA offers loans to homeowners, renters, businesses of all sizes, and nonprofits. Homeowners can receive up to $500,000 to repair or replace damaged homes, while renters may qualify for up to $100,000 to cover personal property losses. Interest rates start as low as 2.688% for homeowners and 4% for businesses, with repayment terms extending up to 30 years.

According to the SBA, residents don’t need to wait for insurance claims to be settled before applying. The SBA Business Recovery Centers in Cook and St. Clair counties are available to assist with applications. However, these centers will be closed on Indigenous People’s Day, October 14, and will reopen on October 15.

To apply, visit sba.gov/disaster or call (800) 659-2955 for more information. The final day for physical damage loan applications is November 19, 2024, with economic injury applications due by June 20, 2025.

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