Federal storm, flood loan applications being taken

If that tree uprooted during the August storms crashed onto your home and you need a loan to help pay for the repairs, there is help.

Or if those unrelenting winds and flooding damaged your business, a new federal loan program can help.

If you live in the Chicago area, you could qualify for a low-interest loan through the U.S. Small Business Administration.

Residents -- owners and renters -- and business owners in Cook, DuPage, Kane, Lake, McHenry and Will counties are eligible for the loans.

Loans of up to $200,000 for homeowners to repair or replace property, or $40,000 to repair or replace personal property are available.

An interest rate of 3.13 percent is offered for home loans or 4 percent for loans for businesses and nonprofits.

"Let's say they have actually gone ahead and gotten work done but it strained all of their savings," Small Business Administration spokesman Michael B. Peacock said. "They can still apply for the loan to finance it."

Borrowers will have up to 30 years to pay back the loans.

Three centers have been set up to handle questions and take loan applications weekdays through the close of business Dec. 13.

The centers are located at Des Plaines city hall, 1420 Miner St. (8:30 a.m. to 5 p.m.); Eckhart Park, 1330 W. Chicago Ave., Chicago (8 a.m. to 5 p.m.); and McHenry County Government Center, 2200 N. Seminary Ave., Woodstock (8 a.m. to 4:30 p.m.).

Those unable to attend the centers can call (800) 659-2955. Applications can be submitted by phone.

The deadline for applications is Jan. 15.

Filing for a disaster loan

Three local centers are open weekdays to help people apply for loans through Dec. 13.

• Des Plaines city hall, 1420 Miner St. (8:30 a.m.-5 p.m.)

• Eckhart Park, 1330 W. Chicago Ave., Chicago (8 a.m.-5 p.m.)

• McHenry County Government Center, 2200 N. Seminary Ave., Woodstock (8 a.m.-4:30 p.m.)

• Applications also can be submitted by phone through Jan. 15 by calling (800) 659-2955