Roy Gregory spoke with Jim Accurso of the U.S. Small Business Administration about low interest loans available to business owners, homeowners, renters, and non-profit organizations.
— The U.S. Small Business Administration (SBA) announced the availability of low interest federal disaster loans for Indiana businesses, private nonprofits, and residents affected by severe storms and tornadoes occurring on March 10-11. The SBA issued a disaster declaration
in response to a request received from Illinois Gov. J.B. Pritzker and Indiana Gov. Mike Braun on April 7.
The declaration covers the Indiana counties of Benton, Jasper, Lake, LaPorte, Newton, Porter, Pulaski, Starke, and White as well as the Illinois counties of Iroquois and Kankakee which are eligible for both Physical Damage Loans and Economic Injury Disaster Loans (EIDLs) from the SBA.
More info is available at 800-659-2955 or visit sba.gov/disaster
The DLOC hours of operation are listed below:
| KANKAKEE COUNTY
Disaster Loan Outreach Center (DLOC) Village of Aroma Park (Village Hall) Aroma Park, IL 60910 Hours: Monday – Friday, 9:00 am- 6:00pm Saturday – 10:00 a.m. to 2:00 p.m.
Permanently Closing: Saturday, April 25 at 2:00 p.m. |
KANKAKEE COUNTY
Disaster Loan Outreach Center (DLOC) Kankakee Train Depot Kankakee, IL 60901 Hours: Monday – Friday, 9:00am-6:00pm Saturday – 10:00 a.m. to 2:00 p.m.
Permanently Closing: Saturday, April 25 at 2:00 p.m. |
| KANKAKEE COUNTY
Disaster Loan Outreach Center (DLOC) Bradley Economic Development Co. Northfield Square Mall Unit 548 Bourbonnais, IL 60914 Hours: Monday-Friday, 11:00am to 7:00pm Saturday – 11:00 a.m. to 3:00 p.m. Permanently Closing: Saturday, April 25 at 2:00 p.m.
|
Indiana Disaster Loan Outreach Center (DLOC)
JASPER COUNTY
Disaster Loan Outreach Center (DLOC)
Wheatfield Town Hall
170 S. Grace St.
Wheatfield, IN 46392
Opened: Saturday, April 11, 2026
Hours: Monday – Friday, 9:00 a.m. to 6:00 p.m.
Saturday – 10:00 a.m. to 2:00 p.m.
Permanently Closing: Saturday, April 25 at 1:00 p.m.
NEWTON COUNTY
Disaster Loan Outreach Center (DLOC)
Newton County Public Library
9444 N. 315 W.
Lake Village, IN 46349
Opened: Saturday, April 11, 2026
Hours: Monday – Friday, 9:00 a.m. to 5:00 p.m.
Saturday – 9:00 a.m. to 1:00 p.m.
Permanently Closing: Saturday, April 25 at 12:00 p.m.
What Types of Disaster Loans are Available?
• Business Physical Disaster Loans – Loans to businesses to repair or replace disaster-damaged property owned by the business,
including real estate, inventories, supplies, machinery and equipment. Businesses of any size are eligible. Private, non-profit
organizations such as charities, churches, private universities, etc., are also eligible.
• Economic Injury Disaster Loans (EIDL) – Working capital loans to help small businesses, small agricultural cooperatives, small
businesses engaged in aquaculture, and most private, non-profit organizations of all sizes meet their ordinary and necessary
financial obligations that cannot be met as a direct result of the disaster. These loans are intended to assist through the disaster
recovery period.
• Home Disaster Loans – Loans to homeowners or renters to repair or replace disaster-damaged real estate and personal
property, including automobiles.
What are the Credit Requirements?
• Credit History – Applicants must have a credit history acceptable to SBA.
• Repayment – Applicants must show the ability to repay all loans.
What are the Interest Rates?
By law, the interest rates depend on whether each applicant has Credit Available Elsewhere. An applicant does not have Credit Available
Elsewhere when SBA determines the applicant does not have sufficient funds or other resources, or the ability to borrow from non-government sources, to provide for its own disaster recovery. An applicant, which SBA determines to have the ability to provide for his or her own recovery is deemed to have Credit Available Elsewhere.
Interest rates are fixed for the term of the loan.
Home Loans 2.875% 5.750%
Business Loans 4.000% 8.000%
Non-Profit Organizations 3.625% 3.625%
Economic Injury Loan Types No Credit Available
Businesses & Small Agricultural Cooperatives 4.000% N/A
Non-Profit Organizations 3.625% N/A
What are Loan Terms?
The law authorizes loan terms up to a maximum of 30 years. However, the law restricts businesses with credit available elsewhere to a
maximum 7-year term. SBA sets the installment payment amount and corresponding maturity based upon each borrower’s ability to
repay. Borrowers may be required to provide collateral.
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