***0 Disaster News***![](media/image1.png){width="1.5847222222222221in"
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***Loans for Homeowners, Renters and Businesses of All Sizes***

SBA Disaster Assistance -- Field Operations Center- East - One Baltimore
Place, Suite 300 - Atlanta, GA 30308

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**Release Date:** September 27, 2007 **Contact:** Michael Lampton

**Release Number:** 07-727, IL 11046/11047 **Phones:** 404-347-3771

**SBA STANDS READY TO ASSIST VICTIMS**

**OF RECENT SEVERE STORMS AND FLOODING IN ILLINOIS**

**Washington** -- Following the announcement of the Presidential
disaster declaration in Illinois covering several counties as a result
of severe storms and flooding August 20-31, 2007, Administrator Steve
Preston of the U. S. Small Business Administration issued the following
statement:

"We look forward to working with the State of Illinois to make
low-interest federal disaster loans available to homeowners, renters and
businesses," said Administrator Preston. "We will be swift in our
efforts to help Illinois disaster victims rebuild their homes and
businesses."

Once local recovery facilities are identified in the declared counties,
SBA officials will be providing one-on-one assistance to disaster loan
applicants.

# The declared counties of DeKalb, Grundy, Kane, LaSalle, Lake and Will are eligible for both Physical and Economic Injury Disaster Loans (EIDLs) from SBA. The contiguous Boone, Bureau, Cook, Dupage, Kankakee, Kendall, Lee, Livingston, Marshall, McHenry, Ogle, Putnam, Winnebago and Woodford counties in the State of Illinois and contiguous Lake County in the State of Indiana and contiguous Kenosha County in the State of Wisconsin are only eligible to apply for SBA EIDLs. 

Disaster loans up to \$200,000 are available to homeowners to repair or
replace damaged or destroyed real estate. Homeowners and renters are
eligible up to \$40,000 to repair or replace damaged or destroyed
personal property.

Businesses of any size and private non-profit organizations may borrow
up to \$1.5 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 making
improvements that protect, prevent or minimize the same type of disaster
damage from occurring in the future.

For small businesses only, SBA offers Economic Injury Disaster Loans to
help meet working capital needs caused by the disaster. EIDL assistance
is available regardless of whether the business suffered any physical
property damage.

Interest rates are as low as 3.125 percent for homeowners and renters
and 4.000 percent for businesses with terms up to 30 years. Loan amounts
and terms are set by SBA and are based upon each applicant's financial
condition.

To be considered for all forms of disaster assistance, victims must
first call the Federal Emergency Management Agency (FEMA) at
1-800-621-FEMA (3362). Additional details on the location of Disaster
Recovery Center(s) and the loan application process can be obtained by
calling the SBA Customer Service Center at 1-800-659-2955.

The filing deadline to return applications for physical property damage
is **[November 26, 2007]{.underline}.** The deadline to return economic
injury applications is **[June 25, 2008]{.underline}.**

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**For more information about the SBA's Disaster Loan Programs, visit our
web site at**
*[www.sba.gov/services/disasterassistance](http://www.sba.gov/services/disasterassistance).*