Many people have suffered due to the storm tragedies in the south. The March 17, 2008 deadline for financial help is fast approaching. Businesses, homeowners, renters and non-profit organizations are reminded that their time is running out to submit their disaster loan applications for damages caused by the severe storms and tornados that occurred in Alabama and Mississippi on January 10th.
There are several loan programs available to affected residents. Homeowners and renters are eligible to receive up to $40,000 for replacement of personal property. Personal property is described as: appliances, clothing and furniture. There are loans available for up to $200,000 for homeowners for repairs or replacement of damaged or destroyed real estate.
Businesses of all sizes and non-profit organizations can obtain loans for up to $1.5 million. Loans can be used to repair damage to real estate, equipment, inventory or machinery. Small businesses that are unable to meet operating expenses or pay their bills because of the disaster, can also apply for the Economic Injury Disaster Loans that are available.
Businesses can receive 4% rates for terms up to 30 years. Homeowners and renters can receive rates as low as 2.937. Each applicant’s financial condition will determine what loan amounts and terms are available.
Only the affected residents and business of the following counties may apply for assistance: in Alabama; Lamar and Pickens and in Mississippi; Attala, Carroll, Clay, Holmes, Humphreys, Leflore, Lowndes, Madison, Monroe, Noxubee, Oktibbeha and Yazoo.
Businesses have until October 16, 2008 to apply for economic injury. The deadline for physical damage applications are March 17, 2008.
