Federal recovery loans available to victims of the DuPage tornado

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 federal recovery loans at low interest rate.

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

A tornado with winds reaching 140 mph swept through DuPage County on June 21. State officials’ investigation of the area revealed significant damage estimated at $ 3 million to 36 homes. 127 other homes and six businesses sustained damage estimated at $ 2.6 million.

The storm also affected parts of Cook, Kane, Kendall and Will counties, where those affected are also eligible for aid. An awareness center to assist applicants will be established in the village of Woodridge.

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

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

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