Disaster loans available to residents of fire-damaged senior apartments in Schaumburg
Residents displaced last month after fire significantly damaged a portion of the Emerald Village Senior Apartments in Schaumburg now have a new source of financial assistance.
The U.S. Small Business Administration approved a disaster declaration for the building, allowing residents, condo owners and businesses affected by the July 14 blaze to apply for low-interest loans for damages not covered by insurance.
SBA staff will operate a Disaster Loan Outreach Center at Schaumburg's Nursing and Senior Services office, 746 E. Schaumburg Road, until 4 p.m. on Monday, Sept. 11.
Until then, with the exception of Labor Day, the center will be open from 8 a.m. to 5 p.m. on weekdays, and 10 a.m. to 2 p.m. on Saturdays.
The deadline to apply for a loan for physical damage is Oct. 23. The deadline to apply for economic injury loans will be May 23.
Homeowners can apply for up to $500,000 in low-interest loans to repair or replace damaged or destroyed real estate, and homeowners or renters can apply for up to $100,000 to repair or replace damaged or destroyed personal property.
Businesses and not-for-profits can borrow up to $2 million for physical damages.
More details about the loans can be found online at disasterloanassistance.sba.gov/ela/s/.
"When a major disaster strikes, it takes local, nonprofit, state, and federal resources to help survivors start the recovery process," Illinois Emergency Management Agency Director Alicia Tate-Nadeau said in a statement. "We thank the village of Schaumburg, the Cook County Department of Emergency Management and Regional Security, and the Red Cross for helping residents find shelter in the aftermath of this devastating incident."
Though residents of the 30 units on the west side of the building at 150 W. Wise Road were allowed to return early this month, most on the east side have a much longer wait in store. At least two upper-floor units on that side were damaged by flames, while about 20 others sustained smoke or water damage.
Four residents, a firefighter and a police officer were taken to the hospital for smoke inhalation as a result of the fire.
The Schaumburg Fire Department's investigation has not yet determined the fire's cause.
Announcement of the federal disaster loans comes six weeks after the fire.
"To those impacted 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," Illinois Gov. J.B. Pritzker said in a statement. "Through the efforts and leadership of IEMA, the village of Schaumburg, Cook County, and the U.S. Small Business Administration, residents will be able to access low-interest loans for damages and relief."
"I'm grateful for the immediate aid provided by the village and local emergency agencies to help residents in the wake of this devastating fire," Schaumburg Mayor Tom Dailly added. "I'm appreciative of the ongoing efforts by county and state officials to continue providing support to residents as they rebuild and recover."