U.S. Small Business Administration Approves Disaster Declaration for Emerald Village Facility
Following a devastating fire on July 14 at the Emerald Village Living facility located at 150 W Wise Road, the U.S. Small Business Administration (SBA) has authorized a disaster declaration for the affected area. This critical declaration opens up avenues for residents, condo homeowners, and businesses to seek low-interest loans to cover damages not addressed by insurance.
Governor’s Statement on Support and Resources
In response to the fire, Governor JB Pritzker expressed his commitment to aiding those impacted. “To those affected by the July 14 fire at the Emerald Village Senior Apartments building, we are here to support you with resources to help you heal and rebuild,” Governor Pritzker stated. He emphasized the collaborative efforts of the Illinois Emergency Management Agency (IEMA), the Village of Schaumburg, Cook County, and the SBA, which collectively aim to provide accessible financial relief through low-interest loans.
Disaster Loan Outreach Center Services
Starting Monday, SBA representatives will be stationed at the Village of Schaumburg Nursing and Senior Services, located at 746 E. Schaumburg Road. They will assist residents with their loan applications at the Disaster Loan Outreach Center (DLOC). The DLOC will be operational on weekdays from 8 a.m. to 5 p.m. and from 10 a.m. to 2 p.m. on Saturdays.
Important Deadlines for Loan Applications
The deadline to apply for a loan for physical damage is October 23. For those seeking economic injury loans, applications must be submitted by May 23, 2024. It is important to note that the DLOC will close permanently at 4 p.m. on Monday, September 11, and will be closed on Monday, September 4, in observance of Labor Day.
Loan Details and Application Information
Homeowners affected by the fire can apply for low-interest loans of up to $500,000 to repair or replace damaged or destroyed real estate. Renters and homeowners are eligible for up to $100,000 to repair or replace damaged or destroyed personal property. Additionally, businesses and not-for-profit organizations can borrow up to $2 million for physical damage. For more information on loan applications, please visit SBA Disaster Loan Assistance.
