The U.S. Small Business Administration (SBA) has approved a request for assistance to help people and businesses in DuPage County who sustained serious damage 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.
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:
- 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 residents navigate the application process. The DLOC will be located at the Village of Woodridge, 5 Plaza Drive, Woodridge IL. The center will be opening on the following dates and times:
- Tuesday, July 20 through Friday, July 23: 9AM-6PM
- Saturday, July 24: 9AM-1PM
- Monday, July 26 through Thursday, July 29: 9AM-6PM
For additional information or to apply online, please visit: https://disasterloan.sba.gov/ela. Applicants can also call the SBA Customer Service line at (800) 659-2955. Completed applications can also be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX. 76155.