SBA Offers Low Interest Disaster Loans To Caldwell Tornado Victims | WPKY 103.3 FM
The U.S. Small Business Administration (SBA) provides long-term, low-interest disaster loans to homeowners, tenants, businesses of all sizes, and non-profit organizations to repair or replace property damaged by recent tornadoes in the Commonwealth.
SBA public affairs specialist Laurie Dana says that when you register with FEMA, they may ask you to complete a disaster loan application. She says it’s because in a disaster, the SBA helps homeowners, tenants, businesses of all sizes, and nonprofits, which is part of the FEMA qualification process by completing the disaster loan application.
Dana says the SBA is offering a low-interest loan to homeowners to redo repairs to their primary residence and that homeowners and tenants can borrow money to replace damaged contents of their home, including furniture. , appliances and cars.
She added that you will need to show your ability to repay the loan and that the SBA will check your credit score. Dana said you should appeal if you are denied a loan because of your creditworthiness.
According to Dana, businesses can borrow up to $ 2 million to repair and / or replace damaged buildings, inventory, supplies and other business assets. She says businesses can also apply for economic disaster loans to help them pay the bills they might have paid had the disaster not happened.
In addition, she said, churches damaged by the storm can also apply for a disaster loan.
For more information on disaster loans or the status of an application, call (800) 659-2955. Individuals and businesses can also find more information and apply online at catastropheloanassistance.sba.gov.
Those looking for one-on-one assistance with completing their application can visit the FEMA Disaster Recovery Center at the Butler Gymnasium located at 600 West Main Street in Princeton.