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  "description": "The Village of Roscoe announced this week that the U.S. Small Business Administration has approved low‑interest federal disaster loans for those impacted across northern Illinois.",
  "path": "/sba-opens-low-interest-disaster-loans-for-april-17th-storm-affected-residents-and-businesses/",
  "publishedAt": "2026-05-28T03:00:56.000Z",
  "site": "https://roscoenews.com",
  "tags": [
    "Rockton-Roscoe News: Saturday, Apr. 18, 2026Storm damage, RMS bowling - with heart, South Beloit’s own fire departmentRockton-Roscoe NewsRockton-Roscoe News Staff",
    "https://www.roscoeil.gov/media/9541"
  ],
  "textContent": "Help is officially on the way for residents and business owners still recovering from the April 17 storms and tornadoes. **The Village of Roscoe** announced this week that the **U.S. Small Business Administration** has approved low‑interest federal disaster loans for those impacted across northern Illinois, following a formal disaster declaration requested by **Gov. JB Pritzker** on May 15.\n\nThe declaration covers **Winnebago County** along with several neighboring Illinois and Wisconsin counties, opening the door to financial relief for homeowners, renters, private nonprofits, and businesses facing physical damage or economic loss.\n\nRockton-Roscoe News: Saturday, Apr. 18, 2026Storm damage, RMS bowling - with heart, South Beloit’s own fire departmentRockton-Roscoe NewsRockton-Roscoe News Staff\n\nAccording to the **SBA** release, eligible businesses may borrow up to **$2 million** to repair or replace damaged buildings, equipment, inventory, and other assets. Homeowners may apply for up to **$500,000** to repair or rebuild their primary residence, while renters and homeowners can seek up to **$100,000** for personal property losses.\n\nThe SBA also noted that applicants may qualify for an additional 20% loan increase to fund mitigation improvements—upgrades designed to better protect homes and buildings from future storms. These can include reinforced structures, wind‑rated garage doors, or even the installation of a safe room.\n\n“**When disasters strike, SBA’s Disaster Loan Outreach Centers perform an important role by assisting small businesses and their communities,** ” said **Chris Stallings, associate administrator for the SBA’s Office of Disaster Recovery and Resilience**.\n\nEconomic Injury Disaster Loans (EIDLs) are also available for small businesses and nonprofits that suffered financial losses, even if they did not sustain physical damage. These working‑capital loans can help cover payroll, rent, utilities, and other operating expenses disrupted by the storm.\n\nInterest rates start as low as 2.875% for homeowners, 4% for businesses, and 3.625% for nonprofits, with repayment terms extending up to 30 years. No payments are required for the first 12 months after the initial disbursement.\n\nThe deadline to apply for physical damage loans is **July 17, 2026** , while economic injury applications are due by **February 18, 2027**.\n\nResidents and business owners can apply online at **sba.gov/disaster** or contact the SBA Customer Service Center at **800‑659‑2955** for assistance.\n\nFor the full SBA release, visit the Village of Roscoe’s posted document:\nhttps://www.roscoeil.gov/media/9541",
  "title": "SBA Opens Low‑Interest Disaster Loans for April 17th Storm‑Affected Residents and Businesses",
  "updatedAt": "2026-05-28T05:00:56.918Z"
}