Federal recovery loans available to DuPage tornado victims | Illinois News

Federal recovery loans available to DuPage tornado victims | Illinois News

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SPRINGFIELD, Ill. (AP) — Residents whose property suffered damage in June from a tornado that hit DuPage County and other areas of suburban Chicago are eligible for low-interest federal recovery loans.

Illinois officials announced this week that the U.S. Small Business Administration had approved their request for assistance with long-term, low-interest loans.

A tornado with winds reaching 140 mph swept through DuPage County on June 21. State officials’ survey of the area found major damage estimated at $3 million to 36 homes. Another 127 homes and six businesses suffered an estimated $2.6 million in damage.

The storm also impacted parts of Cook, Kane, Kendall and Will counties, where those impacted are also eligible for help. An outreach center to assist applicants will be established in the Village of Woodridge.

Three types of assistance are available. Physical disaster loans pay for property damaged by the storm, including real estate, machinery and inventory.

Economic injury disaster loans provide capital to help small businesses including nonprofits meet ongoing costs and financial obligations. Home disaster loans go to owners or renters. They are limited to $200,000 to replace real estate and $40,000 to repair or replace property.

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