SPRINGFIELD, Illinois (AP) – Residents whose property was damaged in June by a tornado that hit DuPage County and other Chicago suburbs are eligible for federal low-interest renovation loans.
Illinois officials announced this week that the US Small Business Administration has granted long-term low-interest loan assistance.
A tornado with winds of 140 mph swept through DuPage County on June 21. An investigation of the area by state officials found major damage estimated at $ 3 million to 36 homes. Another 127 homes and six stores suffered an estimated $ 2.6 million damage.
The storm also hit parts of Cook, Kane, Kendall and Will counties, where those affected are also eligible for help. A counseling center will be set up in Woodridge Village to assist applicants.
Three types of support are available. Physical catastrophe loans pay for property damaged by the storm, including real estate, machinery, and inventory.
Economic Damage Catastrophe Loans provide capital to help small businesses, including nonprofits, meet ongoing costs and financial obligations. Emergency home loans go to owners or tenants. They are capped at $ 200,000 to replace real estate and $ 40,000 to repair or replace property.