ATLANTA - The U.S. Small Business Administration (SBA) Office of Disaster Recovery and Resilience announced today it is permanently closing the two Business Recovery Centers (BRCs) in Cook County on Friday, Feb. 9 at 5 p.m.
Until then, SBA’s friendly and knowledgeable Customer Service Representatives at the Business Recovery Centers will assist business owners complete their disaster loan application, accept documents for existing applications, and provide status on loan applications.
SBA opened the centers to assist Illinois small businesses and residents affected by losses from severe storms and flooding that occurred Sept. 17-18, 2023.
COOK COUNTY
Business Recovery Center
Oak Forest Municipal Complex
15440 South Central Ave
Oak Forest, IL 60452
Hours, 9 a.m. – 5 p.m.
COOK COUNTY
Business Recovery Center
SBA District Office
332 S. Michigan Ave, Suite 600
Chicago, IL 60604
Hours, 8 a.m. – 5 p.m.
Closing Permanently: Friday, Feb. 9 at 5 p.m.
Businesses of all sizes and private nonprofit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets. SBA can also lend additional funds to help with the cost of improvements to protect, prevent or minimize disaster damage in the future.
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size, SBA offers Economic Injury Disaster Loans (EIDLs) to help meet working capital needs caused by the disaster. Economic injury assistance is available regardless of whether the business suffered any property damage.
Interest rates are as low as 4% for businesses, 2.375% for nonprofit organizations, and 2.5% for homeowners and renters, with terms of 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 twelve months from the date of the first disbursement.
Disaster loans up to $500,000 are available to homeowners to repair or replace disaster-damaged or destroyed real estate. Homeowners and renters are eligible for up to $100,000 to repair or replace disaster-damaged or destroyed personal property.
Applicants may apply for a disaster loan online via SBA’s secure website at sba.gov/disaster .
To be considered for all forms of disaster assistance, applicants should register online at DisasterAssistance.gov or download the FEMA mobile app. If online or mobile access is unavailable, applicants should call the FEMA toll-free helpline at 800-621-3362. Those who use 711-Relay or Video Relay Services should call 800-621-3362.
For further information about disaster loans, please contact SBA’s Customer Service Center at
800-659-2955. If you are hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services. You also send an email to DisasterCustomerService@sba.gov. Loan applications are also available for download at sba.gov/disaster. Completed applications should be sent to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The filing deadline for returning applications for property damage is Feb. 9, 2024. The deadline to apply for economic injury application is Aug. 20, 2024.
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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.