Illinois SBA Disaster Loans: Mount Prospect Meeting – March 26

March 25, 2026 Priya Shah – Business Editor Business

Mount Prospect residents and business owners impacted by severe storms and flooding in August 2025 will have the opportunity to learn about low-interest federal disaster loans at a meeting Thursday evening.

The U.S. Small Business Administration (SBA) will host the meeting from 7-8 p.m. At Village Hall, in the Farley Community Room, located at 50 S. Emerson St. In Mount Prospect. The session is intended to inform those with damage to their homes or businesses whether they qualify for assistance.

The SBA made the loans available following a disaster declaration issued in response to storms and flooding that occurred between August 16 and 19, 2025, according to a statement released March 18, 2026. Illinois Governor J.B. Pritzker requested the declaration on March 12, 2026.

The declaration covers Cook, DuPage, Kane, Lake, McHenry and Will counties in Illinois, as well as Lake County in Indiana. Both physical damage loans and Economic Injury Disaster Loans (EIDLs) are available in these areas.

Businesses and private nonprofits can apply for loans of up to $2 million to cover repairs or replacement of damaged or destroyed property, equipment, inventory and other business assets. Homeowners may borrow up to $500,000 to repair or replace their primary residence, while renters can access up to $100,000 to replace or repair personal property like clothing, furniture, and vehicles.

Chris Stallings, associate administrator of the SBA’s Office of Disaster Recovery and Resilience, stated that SBA’s Disaster Loan Outreach Centers “play a vital role in helping small businesses and their communities recover.”

Further information on the SBA’s disaster assistance loans can be found on the agency’s website: https://www.sba.gov/funding-programs/disaster-assistance.

Preliminary damage assessments were conducted in Chicago and Cook County by teams from FEMA, IEMA, the SBA, and local emergency management officials between September 1 and September 5, 2025, to determine eligibility for state and federal assistance.