SBA Loans Available to Tornado Disaster in DuPage, Nearby Counties

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Help comes to Dupage County residents affected by the recent tornado, rolled around our area June 20.

Gov. J.B. Pritzker announced today that the US Small Business Administration (SBA) has approved the state’s Disaster Relief Loan. The group also offers assistance to those in Cook, Kane, Kendall and Will counties who may have been hit by the hurricane by providing long-term, low-interest loans.

“Residents of DuPage and surrounding counties can now access low-interest disaster loans to rebuild their lives and communities from the damage caused by harsh weather last month,” Governor JB Pritzker said in a press release. “I appreciate the US SBA’s prompt approval of my request for assistance, which made it easier and more accessible for homeowners, renters, small business owners and other residents in the affected areas to get the help they deserve. I urge everyone in need to visit disasterloanassistance.sba.gov To learn more.”

Three types of loans

The SBA provides three different types of loans.

Disaster Loans are for eligible businesses that damaged property in a hurricane. The money can be used to replace or repair inventory, real estate, or materials. Those interested must submit an application by September 14, 2021.

Economic Disaster Loans are available for small businesses, small agricultural cooperatives and private nonprofit organizations that need financial assistance for their businesses that are unable to meet their obligations due to the hurricane. Those interested must submit an application by April 18, 2022.

Disaster loans are available for homeowners or renters who have damaged their homes or personal property. Loans up to $ 200,000 are available to help you replace or renovate real estate, and loans up to $ 40,000 can be requested to help you repair or replace personal property. Those interested must apply by September 14th.

Tornado Damage Assessment

36 homes in Dupage County supported serious damage due to the tornado, according to the assessment of damage, uninsured losses amounted to more than $ 2.6 million. There were also minor damage to 127 homes and six businesses. The amount of damage was more than $ 3 million. For SBA loans to be made available in the event of a disaster, it must be shown that at least 25 homes and / or businesses in the county have suffered large uninsured losses of at least 40 percent.

How to apply

Those who wish to apply for a loan can do it online through SBA website, or you can get help with this process through the Disaster Loan Assistance Center being set up in Woodridge Village. It will be located at 5 Plaza Drive and will be open from Tuesday 20th July to Thursday 29th July.

The opening hours are as follows:

July 20, Tuesday 9:00 – 18:00
Wednesday – Friday (July 21-23) 9:00 – 18:00
Saturday 24 July 9:00 – 13:00
Sunday 25 July CLOSED
Monday – Thursday (July 26-29) 9:00 – 18:00

Additional assistance is available through the SBA Customer Service Line at (800) 659-2955.

Reported by Kim Pirk of Naperville News 17.

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