Federal Recovery Loans Available To DuPage Tornado Victims


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 low-interest long-term loans.

Tornado with wind speed 140 mph June 21 passed through Dupage County. A survey of the area by state officials found serious damage to 36 homes, worth $ 3 million. An additional 127 homes and six businesses suffered approximately $ 2.6 million in damage.

Parts of Cook, Kane, Kendall and Will counties were also affected by the storm. eligible for help… 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.

Trauma and disaster loans provide capital to help small businesses, including nonprofits, meet recurring costs and financial liabilities. Natural disaster loans are issued 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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