Businesses and not-for-profit organizations across DuPage County financially hurt by the March 31 storms are among those eligible for United States Small Business Administration assistance via a low-interest Economic Injury Disaster Loan (EIDL), or working capital loan.
EIDL loans are intended to assist recipients through the disaster recovery period in meeting their ordinary and necessary financial obligations that cannot be met as a direct result of the disaster.
An economic injury may include, but is not limited to the following circumstances:
A business or NFP that has noticed a decrease in its revenue that it believes is the result of the March 31 storm;
A business or NFP that lost revenue for a period of time due to the storm as the result of road closures, lack of one or more utilities, inability of workers, customers, and/or suppliers to reach the business;
A business or NFP whose customers did not make purchases due to the effect of the storm on their income or other issues, etc.
The maximum loan amount is $2 million and the 30-year loans do not accrue interest during the first year. In addition, the first payment on the loan is not due for a period of one year. The interest rate for NFPs is 2.375 percent and for businesses the interest rate is 4.0 percent. The deadline to apply for a loan is April 3, 2024.
DuPage County applicants can apply in person for a loan at the SBA’s temporary Business Recovery Centers (BRC) set up at the Village of Addison City Hall, 1 Friendship Plaza, Addison, on weekdays from 9 a.m. to 6 p.m. and Saturdays from 10 a.m. to 1 p.m. until July 26. Applications may then be submitted on online at: www.sba.gov/disaster.