The US Small Business Administration is offering disaster loans to businesses and residents affected by the ice jams and flooding from Jan. 15 to 25 in Wilmington earlier this year.

The SBA made the loans available in response to a letter from Governor JB Pritzker on March 8 requesting a disaster declaration. The declaration covers Will, Cook, DuPage, Grundy, Kankakee and Kendall counties in Illinois and Lake County in Indiana. Eligible applicants in the declared area can apply for low-interest, long-term disaster loans from the SBA to support economic recovery in the impacted community.

“SBA stands ready to help the residents and businesses of Illinois impacted by the disaster in the City of Wilmington,” said Administrator Isabel Casillas Guzman. “With today’s announcement, we stand committed to providing assistance in the form of federal disaster loans to help businesses and communities get the financial support they need to recover and rebuild.”

The SBA has opened a Disaster Loan Outreach Center at the Wilmington Lion’s Club, 805 River St., which will be open from 9 a.m. to 6 p.m. Monday through Friday and from 10 a.m. to 2 p.m. on Saturdays. It will permanently close Friday, March 29 at 4 p.m.

Customer service representatives will be available to answer questions about the program, and help people complete applications.

“Businesses and private nonprofit organizations may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets,” said SBA’s Illinois District Director Willette LeGrant.

Small businesses, agriculture cooperatives, small business engaged in aquaculture and most private non-profit organizations can apply for Economic Injury Disaster Loans to meet working capital needs caused by the ice jams. This loan is available regardless of whether the business suffered any physical property damage.

Loans of up to $500,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for loans up to $100,000 to repair or replace damaged or destroyed property.

Applicants may be eligible for a loan amount increase of up to 20% of their physical damages as verified by the SBA for mitigation purposes. Eligible mitigation improvements may include a safe room or storm shelter, sump pump, French drain or retaining wall to help protect property and occupants from future damage.

Interest rates are as low as 4% for businesses, 3.25% for non-profits, and 2.688% for homeowners and renters, with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.

Applicans can apply online and receive additional disaster assistance information at sba.gov/disaster, or they may call the SBA’s customer service center at 800-659-2955 or email disastercustomerservice@sba.gov for more information.

The filing deadline to return applications for physical property damage is Monday, May 13. The deadline to return economic injury applications is Monday, Dec. 13.