From State Senator Don DeWitte:
Low-Interest SBA Loans Available from July 2-4 Storms
The U.S. Small Business Administration (SBA) has approved a disaster declaration for the severe storms and flooding that impacted six counties in northeastern Illinois from July 2–4, 2026.
Counties included in this latest declaration are
- Kane,
- McHenry,
- Cook,
- DeKalb,
- DuPage, and
- Kendall.
The declaration allows homeowners, renters, businesses, and certain nonprofit organizations to apply for low-interest disaster loans to help cover damage and losses not covered by insurance.
Homeowners may apply for up to $500,000 in low-interest SBA disaster loans to repair or replace damaged or destroyed real estate.
Homeowners and renters may apply for up to $100,000 to repair or replace damaged or destroyed personal property.
Businesses and certain nonprofit organizations may borrow up to $2 million for physical damages. Applicants may also qualify for Economic Injury Disaster Loans to help address financial losses resulting from the disaster.
For online applications, visit sba.gov/disaster.
Applicants may also call the SBA Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov.
The deadline to submit SBA disaster loan applications for physical property damage is Oct. 10, 2026.
The deadline for economic injury applications is May 5, 2027.
Interest rates on U.S. Small Business Administration (SBA) residential disaster loans are capped at 4% if you cannot get credit elsewhere.
If you can obtain credit from other sources, the rate is capped at 8%.
Recent specific regional declarations often feature rates around 2.875% for homeowners unable to find outside credit
