SBA Announces Grace Period to Apply for Low-Interest, Physical Property Damage Loans

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Oct. 18, 2017

We were notified today that the Small Business Association (SBA) has announced a 15-day grace period for Lake County residents impacted by the July 2017 floods to apply for low-interest, physical damage loans. Below is more information on the SBA loans and some other news that may be of interest to those impacted in July. 

Please share this information with your residents through your various communication channels as the final deadline is approaching. 

Grace Period to Apply for Physical Property Damage Loans


The Small Business Association has announced a 15-day grace period to apply for low-interest, physical property damage loans. The filing deadline is now Nov. 1, 2017. Loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for loans up to $40,000 to repair or replace damaged or destroyed personal property. For more information on eligibility, loan amounts, and other requirements, please view this SBA Fact Sheet.

The deadline to apply for Economic Injury loans, such as loans to assist small businesses and non-profits through the recovery period, is May 16, 2018

Applicants may apply online using the Electronic Loan Application (ELA) on the SBA’s website at

Disaster loan information and applications may also be obtained by calling the SBA’s Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and hard-of-hearing), or by emailing

Unincorporated Residents Eligible for Flood Insurance Premium Discounts

Property owners residing in unincorporated Lake County may be eligible to save an average of $271 a year on their flood insurance policies. Through the Federal Emergency Management Agency’s (FEMA) Community Rating System (CRS) program, residents within unincorporated Lake County, who meet certain requirements, are eligible for up 20 percent savings on flood insurance premiums. This results in a potential annual total savings of $274,899 overall for residents across the county. Property owners should contact their flood insurance agent to obtain individual savings information. If you live in a village, contact your municipality to see if they participate in the community rating system program. 

Floodproofing Expo and Workshop Tomorrow

floodproofing expo

The Stormwater Management Commission is hosting a Floodproofing Expo and Workshop for homeowners and property owners to learn about products, services, and solutions to minimize flood damages to your properties. The event will take place from 3 to 8 p.m. Oct. 19 at the Libertyville Sports Complex. Explore exhibitor tables, and listen to presentations, where you can learn about how drainage systems work and ask questions about anything from flood insurance to best practices for flood damage protection. The event is free. Learn more

Office: 847-377-7100

LC Emergency Management

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