Hancock County Disaster Relief Loans: Summer Storm Assistance

Overview

A severe summer storm that moved through western Illinois on June 29, 2023 caused extensive damage across Hancock County, leaving busted windows, exterior damage, and significant water intrusion in homes and businesses. Storms and flooding continued through July 2, 2023. In response, the U.S. Small Business Administration (SBA) made low-interest federal disaster loans available to affected homeowners, renters, businesses, and private nonprofits.

Who Is Eligible

Under the federal disaster declaration for the June 29 - July 2, 2023 severe storms and flooding, residents and businesses in Hancock County, Illinois were among those eligible to apply. SBA also extended eligibility to contiguous counties under its standard disaster rules.

• Homeowners: Loans up to $200,000 to repair or replace a primary residence (later raised under SBA program updates).
• Homeowners and renters: Loans up to $40,000 to replace damaged personal property such as furniture, appliances, clothing, and vehicles.
• Businesses and private nonprofits: Physical damage loans up to $2 million, plus Economic Injury Disaster Loans (EIDL) for working capital losses caused by the disaster.

Loan Terms

• Interest rates as low as the SBA's published disaster rates for homeowners, renters, businesses, and nonprofits
• Repayment terms up to 30 years
• Payments structured to remain affordable based on the borrower's ability to repay

How Hancock County Residents Applied

Local officials directed residents to stop by the Hancock County Emergency Services and Disaster Agency (ESDA) office in Carthage to pick up and submit SBA disaster loan applications, with staff available to walk applicants through the paperwork. Applicants could also apply directly through the SBA's online Disaster Loan Assistance portal or at SBA-staffed Disaster Recovery Centers opened in the region.

Why It Matters for Homeowners

SBA disaster loans are a key federal safety net after a declared disaster because they fill the gap that homeowners insurance and FEMA grants often leave behind - particularly for flood damage, which most standard homeowner policies exclude. Even homeowners who did not have flood insurance could use an SBA home disaster loan to fund repairs, rebuilding, and replacement of damaged personal property from the June 2023 storms.

Deadlines

SBA disaster loan programs have firm application deadlines set relative to the disaster declaration date. Hancock County residents impacted by the June 2023 storms should confirm any current deadline extensions or reopened windows directly with the SBA before assuming they can still apply, as SBA has periodically reopened filing windows for 2023-2024 disasters.