RSS feed source: Federal Emergency Management Agency
CAPE GIRARDEAU – Low-interest federal disaster loans are now available to Missouri businesses and residents impacted by the March 14-15 severe storms, straight-line winds, tornadoes and wildfires in Bollinger, Butler, Camden, Carter, Franklin, Howell, Iron, Jefferson, Oregon, Ozark, Perry, Phelps, Reynolds, Ripley, St. Louis, Wayne, Webster, and Wright counties.
FEMA partners with other agencies to help meet the needs of disaster survivors. The U.S. Small Business Administration (SBA) offers low-interest disaster loans not only to businesses but also to homeowners and renters in a declared major disaster area.
SBA is the largest source of funds for privately damaged properties after a disaster. SBA loans are funded through the U.S. Treasury. The program offers loans for the underinsured or uninsured and covers losses not fully compensated by insurance or other recovery resources. The program covers deductibles and increased cost of compliance post disaster. Survivors should not wait for an insurance settlement before submitting an SBA loan application.
Interest rates can be as low as 2.75% for homeowners and renters with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant’s financial condition. SBA offers a 12-month deferment from the date of the first loan disbursement with 0% accrual during that period.
Homeowners may be eligible for a disaster loan up to $500,000 for primary residence repairs or rebuilding. SBA may
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