Contact Information: Evan Shields (630) 407-6022
Friday, July 16, 2021
State Announces Loans Available for Residents, Businesses Impacted by June 20 Tornado
Gov. J.B. Pritzker and the U.S. Small Business Administration announced today residents and businesses impacted by the June 20 tornado are eligible for loans to assist with recovery efforts.
A Disaster Loan Outreach Center will be established in DuPage County to assist storm survivors through the process of applying for loans. The center will be located at the Village of Woodridge, 5 Plaza Drive, Woodridge. The center will open July 20-23 from 9 a.m. to 6 p.m., 9 a.m. to 1 p.m. July 24, and 9 a.m. to 6 p.m. July 26-29.
To be eligible for an SBA declaration, at least 25 homes or businesses must have sustained major, uninsured losses of 40 percent or more. According to the state, damage assessment conducted following the storm identified 36 homes in DuPage County that sustained major damages resulting in more than $2.6 million in uninsured losses. The survey also found 127 homes and six businesses sustained minor damages, resulting in more than $3 million dollars in damages.
The SBA Disaster Declaration makes three types of loans available to storm survivors:
- Physical Disaster Loans: Loans to businesses to repair or replace disaster-damaged property owned by the business, including real estate, inventory, supplies, machinery, and equipment. These applications must be received by the SBA no later than Sept. 14.
- Economic Injury Disaster Loans: Working capital loans to help small businesses, small agricultural cooperatives, and most private-nonprofits meet their ordinary and necessary financial obligations that cannot be met as a result of the disaster. These applications must be submitted to the SBA no later than April 18, 2022.
- Home Disaster Loans: Loans to homeowners or renters to repair or replace disaster damaged real estate and personal property. SBA regulations limit home loans to $200,000 for the repair or replacement of real estate and $40,000 to repair or replace personal property. These loan applications are due Sept. 14.
Applicants may apply online, receive additional disaster assistance information by visiting https://disasterloan.sba.gov/ela. Applicants can also call the SBA Customer Service line at (800) 659-2955. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX. 76155.