July 21, 2009

SBA offers loans, help to June storm victims

Racine County residents with property damaged by the June 18-19 storms, in which flash flooding affected several hundred homes, can apply for low interest disaster loans from the U.S. Small Business Administration (SBA).

Although these loans come from the Small Business Administration, they are not limited to businesses; individual homeowners and renters may also apply. Loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for loans up to $40,000 to repair or replace damaged or destroyed personal property.

Businesses and non-profits may borrow up to $2 million to repair or replace damaged real estate, machinery and equipment, inventory. Interest rates are as low as 2.4 percent for homeowners and renters, and 4 percent for businesses, with terms up to 30 years.

The SBA today opened a Disaster Loan Outreach Center to issue applications, answer questions and help individuals complete applications. The Center, at the Sturtevant Village Hall, 2801 89th St., will remain open through Friday, July 31.

Individuals unable to visit may call 1-800-659-2955 or email. Business loan applications can also be downloaded from the SBA website. The filing deadline to return applications for physical property damage is Sept. 14; the deadline to return economic injury applications is April 15, 2010.

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