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McHenry County flood victims could be eligible for low-interest, long-term loans

Small Business Administration answers Illinois' request for help

Piles of sandbags cover La Fox River Drive in Algonquin after flooding in July. Those affected by the floods in McHenry, Lake and Cook counties now are eligible to apply for low-interest, long-term loans.
Piles of sandbags cover La Fox River Drive in Algonquin after flooding in July. Those affected by the floods in McHenry, Lake and Cook counties now are eligible to apply for low-interest, long-term loans.

Flood victims in McHenry, Lake and Cook counties could see some relief with the help of the U.S. Small Business Administration.

Gov. Bruce Rauner announced Tuesday that the SBA approved the state’s request for assistance to help people and businesses in northeast Illinois recover from severe storms and floods that occurred July 11 to 27. 

On Monday, Rauner said the Federal Emergency Management Agency denied the state’s request for help in flood recovery in the same three counties, then said his office was working with the SBA on arranging help.

Those affected by the floods in McHenry, Lake and Cook counties now are eligible to apply for low-interest, long-term loans.

“I appreciate the SBA’s quick consideration of our request for assistance,” Rauner said. “This will help many people and businesses begin the next phase of their recovery from this disaster.” 

Rauner declared a state of emergency in July after extreme flooding of the Fox River. On Aug. 31, the state requested federal assistance, which was denied.

To be eligible for an SBA declaration, at least 25 homes and/or businesses in a county must sustain major, uninsured losses of 40 percent or more.

Information about the disaster loan program and application deadlines is available on the SBA’s website at www.sba.gov/disaster.

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