SBA Opens Low‑Interest Disaster Loans for April 17th Storm‑Affected Residents and Businesses
The Village of Roscoe announced this week that the U.S. Small Business Administration has approved low‑interest federal disaster loans for those impacted across northern Illinois.
Help is officially on the way for residents and business owners still recovering from the April 17 storms and tornadoes. The Village of Roscoe announced this week that the U.S. Small Business Administration has approved low‑interest federal disaster loans for those impacted across northern Illinois, following a formal disaster declaration requested by Gov. JB Pritzker on May 15.
The declaration covers Winnebago County along with several neighboring Illinois and Wisconsin counties, opening the door to financial relief for homeowners, renters, private nonprofits, and businesses facing physical damage or economic loss.
Rockton-Roscoe News Staff
According to the SBA release, eligible businesses may borrow up to $2 million to repair or replace damaged buildings, equipment, inventory, and other assets. Homeowners may apply for up to $500,000 to repair or rebuild their primary residence, while renters and homeowners can seek up to $100,000 for personal property losses.
The SBA also noted that applicants may qualify for an additional 20% loan increase to fund mitigation improvements—upgrades designed to better protect homes and buildings from future storms. These can include reinforced structures, wind‑rated garage doors, or even the installation of a safe room.
“When disasters strike, SBA’s Disaster Loan Outreach Centers perform an important role by assisting small businesses and their communities,” said Chris Stallings, associate administrator for the SBA’s Office of Disaster Recovery and Resilience.
Economic Injury Disaster Loans (EIDLs) are also available for small businesses and nonprofits that suffered financial losses, even if they did not sustain physical damage. These working‑capital loans can help cover payroll, rent, utilities, and other operating expenses disrupted by the storm.
Interest rates start as low as 2.875% for homeowners, 4% for businesses, and 3.625% for nonprofits, with repayment terms extending up to 30 years. No payments are required for the first 12 months after the initial disbursement.
The deadline to apply for physical damage loans is July 17, 2026, while economic injury applications are due by February 18, 2027.
Residents and business owners can apply online at sba.gov/disaster or contact the SBA Customer Service Center at 800‑659‑2955 for assistance.
For the full SBA release, visit the Village of Roscoe’s posted document:
https://www.roscoeil.gov/media/9541
