FAIRDALE – Fairdale residents affected by the April 9 tornado will get access to low-interest disaster loans to help with the ongoing recovery process.
“Access to this loan program will be a big help in the recovery from the tornado damage especially for people who did not have adequate insurance,” State Rep. Bob Pritchard, R-Hinckley, said in a statement. "The DeKalb County Long Term Recovery Committee is providing excellent support for the victims of the tornado and this loan program will be another tool in the rebuilding effort."
The U.S. Small Business Administration announced Thursday that the loans would be made available in response to a request from Gov. Bruce Rauner. Rauner's request was followed by a letter of support from the entire Illinois Congressional Delegation.
The EF-4 tornado killed two Fairdale residents and damaged 31 homes and seven businesses, according to reports from the Illinois Emergency Management Agency.
The declaration covers DeKalb County and the adjacent counties of Boone, Kane, Kendall, LaSalle, Lee, McHenry, Ogle and Winnebago, according to a news release.
“Loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate," Frank Skaggs, director of SBA’s Field Operations Center East in Atlanta, said in a news release. "Homeowners and renters are eligible for loans up to $40,000 to repair or replace damaged or destroyed personal property."
For small businesses, small agricultural cooperatives, small aquaculture businesses and most private nonprofit organizations, the SBA offers Economic Injury Disaster Loans. EIDL assistance is available regardless of whether the business suffered any physical property damage.
“Businesses of any size and nonprofit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets,” Robert Steiner, SBA’s district director in Chicago, said in a news release.
Interest rates are as low as 4 percent for businesses, 2.625 percent for nonprofit organizations and 1.813 percent for homeowners and renters with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition, according to the news release.
SBA’s customer service representatives will be available at the Disaster Loan Outreach Center – at the Kirkland Fire Department, 3891 State Route 72, Kirkland – to answer questions about the disaster loan program and help individuals complete their applications. The center will be open from 9 a.m. to 6 p.m. Monday through Friday starting June 9 and ending at 4 p.m. June 18. It also will be open from 10 a.m. to 2 p.m. June 13. The center will be closed June 14.
Applicants can apply online using the Electronic Loan Application on the SBA’s secure website, https://disasterloan.sba.gov/ela. Information and loan applications also are available by calling SBA’s Customer Service Center at 1-800-659-2955, 1-800-877-8339 for the deaf and hard-of-hearing or by emailing firstname.lastname@example.org.
Completed applications should be returned to the center or mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The filing deadline to return applications for physical property damage is Aug. 3. The deadline to return economic injury applications is March 3, 2016.