SBA Loans Available To Those With Tornado Damage in DuPage, Surrounding Counties

Help is coming for DuPage County residents affected by the recent tornado that swept through our area on June 20.

Governor J.B. Pritzker announced today that the U.S. Small Business Administration (SBA) has approved the state’s request for loan assistance to help those impacted. The group is also offering up aid to those in surrounding Cook, Kane, Kendall and Will counties who may have incurred storm damage, by providing low interest, long term loans.

“Residents of DuPage and surrounding counties can now access low-interest disaster loans to build back their lives and communities after the damages of last month’s severe weather,” said Governor J.B. Pritzker in a press release. “I appreciate the U.S. SBA’s prompt approval of my request for assistance, making it easier and more affordable for homeowners, renters, small business owners, and other impacted area residents to secure the help they deserve. I encourage anyone in need to visit disasterloanassistance.sba.gov to learn more.”

Three Types Of Loans

Three different types of loans are available through the SBA program.

Physical Disaster Loans are for eligible businesses that have damaged property from the storm. The monies can be used for replacement or repair of inventory, real estate or supplies. Those interested must apply by September 14, 2021

Economic Injury Disaster Loans are available for small businesses, small agricultural cooperatives and private nonprofits that need financial help for their businesses who cannot meet their obligations because of the storm. Those interested must apply by April 18, 2022.

Home Disaster Loans are available to homeowners or renters who have incurred damage to their homes or personal property. Loans of up to $200,000 are available to aid with real estate replacement or repair, and loans of up to $40,000 may be requested to help fix or replace personal property. Those interested must apply by September 14, 2021.

Tornado Damage Assessment

36 homes in DuPage County sustained major damage due to the tornado, with more than $2.6 million in uninsured losses reported, according to a damage assessment. There were also minor damages to 127 homes and six businesses. Those tallied up to more than $3 million in damages. For SBA loans to become available in a disaster situation, at least 25 homes and or/businesses within a county can be shown to have had major uninsured losses of at least 40 percent.

How to Apply

Those interested in applying for a loan can do so online through the SBA website, or can get assistance in the process through a Disaster Loan Outreach Center being set up at the Village of Woodridge. It will be located at 5 Plaza Drive, and open from Tuesday July 20 through Thursday July 29.

Hours are as follows:

More help can be found through the SBA Customer Service line at (800) 659-2955.

Naperville News 17’s Kim Pirc reports.

If you have a story idea, we want to hear from you!