SBA Offering Low Interest Loans To Flood Victims
The Small Business Administration, also known as SBA is partnered with FEMA to help businesses, homeowners, renters and nonprofit organizations recover from the recent floods.
SBA public information officer, Corey Williams tells Fox News businesses are not eligible to receive FEMA but they can receive a long-term loan.
“For our businesses, we are able to loan up to 2 million dollars to repair replace any kind of damage real estate, machinery, equipment inventory.”
Williams adds it can take anywhere from three to 12 months to rebuild after a disaster. He says these grants available can get their operations going.
“Now for our homeowners, we actually offer loans up to 200,000 to repair, replace any kind of damage real estate and up to 40,000 to replace any damage to personal property which would be exclusive of any automobile that was lost.”
Interest rates can be as low as 3.61 percent for businesses, 2.5 percent for nonprofit organizations and 1.938 percent for homeowners and renters.
To apply for assistance visit their website: Sba.Gov/disaster
SBA will be opening a business recovery center tomorrow Thursday, July 12 in Weslaco at the Valley Transit Center located at 510 S. Pleasant View Dr. It will be open Monday through Friday from 8 am until 5 pm.
The deadline to apply for assistance is September 4. For more information contact SBA’s customer service center at (800) 659-2955.