As reported in the Evening News & Tribune by Daniel Suddeath, help is here for the recent flood victims in the mid-west.
The Federal Emergency Management Agency may have denied Indiana disaster aid, but the SBA will lend a helping hand by, well, lending to flood victims, both business and homeowners.
By applying to the SBA, victims of the August 4th flood can get low-interest SBA loans to rebuild their homes and businesses. Homeowners can borrow up to $200,000, and the limit for business owners is $2 million. Even renters can obtain loans up to $40,000 to replace personal property.
Interest rates for the loans can be as low as 2.75 percent for homeowners and renters, and 4 percent for businesses, with the duration of the loans lasting up to 30 years. How much received and for how long is determined by the SBA on a case by case basis.
“The SBA is strongly committed to providing the people of Indiana with the most effective and customer-focused response possible to assist homeowners, renters and businesses of all sizes with federal disaster loans,” SBA Administrator Karen Mills said.
You can receive an application by calling SBA at 1-800-659-2955, or by email at disastercustomerservice@sba.gov. The filing deadline for SBA disaster relief applications is Jan 5, 2010.
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Getting SBA loans really moving holds the key to helping unlock the bottle neck in our economy right now. I think once these loans start moving through business accounts again it will be tough for things to really get going.