Federal Recovery Loans Available to DuPage Tornado Victims | Illinois News


SPRINGFIELD, Illinois (AP) – Residents affected by the June tornado in Dupage County and other Chicago suburbs are eligible for federal low-interest recovery loans.

Illinois Officials announced this week that the US Small Business Administration has approved their request for help with long-term, low-interest loans.

A tornado, with winds reaching 140 mph, swept through Dupage County on June 21. A state survey of the area revealed serious damage estimated at $ 3 million to 36 homes. An additional 127 homes and six businesses suffered approximately $ 2.6 million in damage.

The storm also affected parts of Cook, Kane, Kendall and Will counties, where victims are also eligible for assistance. An information center to assist applicants will be established in Woodridge Village.

There are three types of help available. Disaster Loans are intended to pay for property damaged by a hurricane, including real estate, equipment, and inventory.

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Economic Disaster Loans provide capital to help small businesses, including nonprofits, meet recurring costs and financial liabilities. Disaster loans are transferred to owners or tenants. They are capped at $ 200,000 for property replacements and $ 40,000 for property repairs or replacements.

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