SBA Offers Economic Assistance to Illinois Small Businesses

WASHINGTON - Today, SBA Administrator Isabel Casillas Guzman announced that Illinois small businesses affected by severe flooding that began on June 1, 2024 may apply for low-interest, long-term Economic Injury Disaster Loans (EIDLs) from the U.S. Small Business Administration (SBA).

Administrator Guzman made the loans available in response to a letter from Illinois Governor JB Pritzker on July 18, requesting a disaster declaration by the SBA. Eligible applicants in the declared area can now apply for low-interest disaster loans from the SBA. The declaration covers Jo Daviess County and the adjacent counties of Carrol and Stephenson in Illinois, Dubuque and Jackson in Iowa, Grant and Lafayette in Wisconsin.

"SBA stands ready to help Illinois's small business owners impacted by severe flooding" said Administrator Guzman. "With today's announcement, we stand committed to providing assistance in the form of federal economic injury disaster loans to help businesses and communities get the financial support they need to recover following this event."

The SBA will open a Business Recovery Center (BRC) at the St. Mary Parish Center Cafeteria, in East Dubuque, to help businesses complete their disaster loan application, accept documents, and provide updates on an application's status. Walk-ins are accepted, but you can schedule an in-person appointment at an SBA Business Recovery Center in advance. The Center will operate as listed below:

Business Recovery Center (BRC)
Jo Daviess County

St Mary Parish Center Cafeteria

701 IL Hwy 35 North

East Dubuque, IL 61025

Opening: Wednesday, July 24, 11 a.m. to 6 p.m.

Hours: Monday - Friday - 9 a.m. to 6 p.m.

Saturday, 10 a.m. to 2 p.m.

Closed: Sunday

Permanently Closes: Thursday, Aug. 8, at 4 p.m.

"Our Business Recovery Centers are one of the most powerful resources at SBA's disposal to support businesses in the midst of a disaster," said Francisco Sánchez, Jr., associate administrator for the SBA's Office of Disaster Recovery and Resilience. "Business owners can meet in person with our specialists to apply for SBA disaster loans and get information on the full breadth of our programs designed to help them navigate their recovery.

For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations, the SBA offers Economic Injury Disaster Loans (EIDLs) to help meet working capital needs caused by the disaster. Economic Injury Disaster Loan assistance is available regardless of whether the business suffered any physical property damage.

Interest rates are 4% for small businesses and 3.25% for private nonprofit organizations with terms up to 30 years. The SBA sets loan amounts and terms based on each applicant's financial condition. Interest does not accrue, and payments are not due until 12 months from the date of the first loan disbursement.

To apply online and receive additional disaster assistance information visit sba.gov/disaster. Applicants may also call SBA's Customer Service Center at (800) 659-2955 or email [email protected] for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

The filing deadline to return economic injury applications is April 21, 2025.

###

About the U.S. Small Business Administration

The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.