Illinois Storm Damage Loans Now Available
Published Date: 7/15/2026
Notice
Summary
Illinois got hit hard by storms and tornadoes on June 17, 2026, and now the government is stepping in with disaster loans to help people and businesses recover. If you live in Coles, Effingham, or nearby counties, you can apply for low-interest loans until September 8, 2026, for physical damage, or until April 12, 2027, for economic injury. This means money is ready to help rebuild homes, businesses, and communities fast!
Analyzed Economic Effects
5 provisions identified: 5 benefits, 0 costs, 0 mixed.
Low‑Interest Home Repair Loans
If your home was damaged by the June 17, 2026 storms in Coles or Effingham counties (or the listed contiguous counties), you can apply for an SBA physical disaster loan. Physical-damage loan rates are 5.750% for homeowners with credit available elsewhere and 2.875% for homeowners without credit available elsewhere; the application deadline is September 8, 2026.
Low‑Interest Business Repair Loans
Businesses in Coles, Effingham, and the listed contiguous Illinois counties can apply for SBA physical-damage disaster loans for storm and tornado damage. Physical-damage loan rates are 8.000% for businesses with credit available elsewhere and 4.000% for businesses without credit available elsewhere; the application deadline is September 8, 2026.
Economic Injury (EIDL) Loans Available
Businesses and small agricultural cooperatives in the declared Illinois counties can apply for Economic Injury Disaster Loans (EIDL) for losses from the June 17, 2026 incident. EIDL interest rates are 4.000% for businesses and small agricultural cooperatives without credit available elsewhere; private non‑profits without credit available elsewhere have a rate of 3.625%. The EIDL application deadline is April 12, 2027.
Disaster Loans for Nonprofit Recovery
Private nonprofit organizations in the declared Illinois counties can apply for SBA physical-damage disaster loans. The interest rate listed for private non‑profit organizations (with or without credit available elsewhere) is 3.625%; the physical loan application deadline is September 8, 2026.
How to Apply and Contact Help
You can apply online through the MySBA Loan Portal at https://lending.sba.gov or in person at locally announced locations; SBA assistance is available by email at [email protected] or by phone at 1-800-659-2955. If you are deaf, hard of hearing, or have a speech disability, you may use 7-1-1 to access telecommunications relay services.
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