Written by Congresswoman Peter King Friday, 28 May 2010 08:37
Congressman Pete King is reminding residents that the U.S. Small Business Administration (SBA) is offering low-interest loans for physical damage and economic injury which occurred during the storms and flooding between March 12 – March 30, 2010.
“Disaster loans are available to homeowners or renters to repair or replace disaster damaged real estate or personal property owned by the victim. Renters are eligible for their personal property losses, including automobiles,” Congressman King says. “Loans to businesses are to repair or replace disaster-damaged property owned by the business, including real estate, inventories, supplies, machinery and equipment. Businesses of any size are eligible. Private, nonprofit organizations such as charities, churches, private universities, etc., are also eligible.”
According to the SBA, the application filing deadline for physical damage to homes, personal property and businesses is June 18, 2010, while the deadline for applications for economic injury is January 19, 2011.
“SBA regulations limit home loans to $200,000 for the repair or replacement of real estate and $40,000 to repair or replace personal property,” Congressman King added. “The law also limits business loans to $2 million for the repair or replacement of real estate, inventories, machinery, equipment and all other physical losses.”
The SBA adds that the interest rates depend on whether each applicant has credit available elsewhere with the maximum term of the loan being 30 years. However, the law restricts businesses with credit available elsewhere to a maximum three-year term. Assistance is also available for refinancing and relocating.