The U.S. Small Business Administration is offering low-interest federal disaster loans to homeowners, renters, businesses, and nonprofits across 16 Illinois counties and one Indiana county damaged by severe storms and tornadoes on June 11.
Governor JB Pritzker requested the disaster declaration on July 7. The SBA approved it, making Cook county eligible for both physical damage loans and Economic Injury Disaster Loans.
Who can apply
Homeowners and renters can borrow at interest rates as low as 2.875 percent. Businesses of all sizes qualify at 4 percent. Most nonprofits, including faith-based organizations, can apply at 3.625 percent.
All loans offer repayment terms of 15 to 30 years. Borrowers pay no interest for the first 12 months and make no payments until the 12th month after receiving their initial loan disbursement. Loans under $50,000 require no collateral.
Application Deadlines
Homeowners, renters, and businesses have until September 8, 2026, to apply for physical damage loans. The deadline for Economic Injury Disaster Loans—which help businesses cover operating costs when disaster disrupts normal operations—is April 12, 2027.
Getting Help Locally
The SBA opened Disaster Loan Outreach Centers in Cook county beginning July 15. Customer service representatives answer questions, explain the application process, and help people complete applications. Walk-ins are welcome, and advance appointments can be scheduled at appointment.sba.gov.
Cook County centers:
City Hall East Annex, 2434 Vermont St., Blue Island: Monday–Friday, 9 a.m.–6 p.m.; Saturday, 10 a.m.–2 p.m.
Alsip City Hall, 4500 W. 123rd St., Alsip: Monday–Friday, 9 a.m.–6 p.m.; Saturday, 10 a.m.–2 p.m.
Chicago Public Library Pullman Branch, 11001 S. Indiana Ave., Chicago: Monday and Wednesday, 10 a.m.–6 p.m.; Tuesday and Thursday, noon–8 p.m.; Friday and Saturday, 9 a.m.–5 p.m.
Chicago Public Library Thurgood Marshall Branch, 7506 S. Racine Ave., Chicago: Monday and Wednesday, noon–8 p.m.; Tuesday and Thursday, 10 a.m.–6 p.m.; Friday and Saturday, 9 a.m.–5 p.m.
All centers close permanently at 5 p.m. Thursday, July 30.
Applying online or by phone
Applicants can apply online at sba.gov/disaster or call the SBA’s Customer Service Center at (800) 659-2955. Questions can also be emailed to disastercustomerservice@sba.gov.
People who are deaf, hard of hearing, or have a speech disability can dial 7-1-1 to access telecommunications relay services.