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Disaster loans available after floods
flood photo 02
Water from the Gratiot Community Park spills over on to County K after rain Oct. 10, 2018.

MONROE — Tanna McKeon, Green County Emergency Management director, has been notified that the Small Business Association has low interest disaster loans for business and residents affected by the storms and flooding in March.  Businesses and residents in the Illinois counties of Stephenson and the adjacent counties of Carrol, Jo Daviess, Ogle, Winnebago and Green and Lafayette Counties in Wisconsin can apply for these low interest loans. 

The SBA is opening a disaster loan outreach center at Highland Community College, 2998 W. Pearl City Road, Room H-208, Freeport. The center will be open from 11 a.m. to 6 p.m. Friday, May 10, from 10 a.m. to 1 p.m. May 11, from 9 a.m. to 6 p.m. May 13 to 15 and from 9 a.m. to 4 p.m. May 16. Applicants can also apply online via SBA’s secure website at or calling the SBA’s customer service center at 800-659-2955 or 800-877-8339 for the deaf and hard of hearing. Loan applications can also be downloaded at The deadline to apply is July 8. 

For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations, the SBA offers Economic Injury Disaster Loans 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. 

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

Applicants may be eligible for a loan amount increase up to 20% of their physical damages, as verified by the SBA for mitigation purposes. Eligible mitigation improvements may include a safe room or storm shelter, sump pump, French drain or retaining wall to help protect property and occupants from future damage caused by a similar disaster. 

Interest rates are as low as 4% for businesses, 2.75% for nonprofit organizations and 2.063% for homeowners and renters with terms up to 30 years. Loan amount and terms are set by the SBA and are based on each applicant’s financial condition.