Gov. Pritzker Announces SBA Assistance Approved For Dupage County For June Tornadoes

Residents and Businesses in DuPage County Can Apply for Low-Interest, Long-Term Loans to Boost Recovery

SPRINGFIELD – Governor JB Pritzker today announced the U.S. Small Business Administration (SBA) approved the state’s request for assistance to help people and businesses in DuPage County from severe storms and tornadoes that occurred in June 2021.

In addition to DuPage County, people and businesses in the contiguous Illinois counties of Cook, Kane, Kendall and Will also are eligible to apply for low-interest, long-term loans made available by the SBA declaration.

“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 JB Pritzker. “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.”

To be eligible for an SBA declaration, at least 25 homes and/or businesses in a county must sustain major, uninsured losses of 40 percent or more. A damage assessment conducted following the storm identified 36 homes in DuPage County 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 September 14, 2021.

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 September 14, 2021.

A Disaster Loan Outreach Center (DLOC) will be established in DuPage County to help walk storm survivors through the application process. The DLOC will be located at the Village of Woodridge, 5 Plaza Drive, Woodridge IL. The center opens on Tuesday, July 20^th and closes Thursday, July 29^th. Hours of operation include:

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.

More like this: