[r76] Rep. McNamara: Assistance Available for Flood Victims (9/14/2011)

Rep. McNamara: Assistance Available for Flood Victims
 

STATEHOUSE- State Representative Wendy McNamara (R- Mt. Vernon) is informing local residents and businesses of low-interest loans available for flood victims through the U.S. Small Business Administration (SBA).  Beginning September 14th, residents, business and non-profit organizations affected this spring by the severe storms, hail, tornadoes and flooding between the dates of April 19th and June 6th are eligible to apply for a low-interest disaster loan.

"I am pleased that Governor Daniels requested a disaster declaration to be made by the SBA and that some relief is available to flood victims," said Rep. McNamara. "Our communities were devastated by storms earlier this year. Homeowners and businesses need aid in order to recover and rebuild our communities."

The counties covered in the declaration are Decatur, Gibson, Monroe, Posey and Vanderburgh counties. Residents and businesses in adjacent counties also can apply for loans. Loans are available for damaged real estate and personal property for individuals. For businesses, loans are available for machinery, equipment, inventory, other business assets and working capital loans.

The following is loan Information provided by the US Small Business Administration:

. 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-profit organizations of any size may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.

. Interest rates are as low as 2.563 percent for homeowners and renters.

. Interest rates are 3 percent for non-profit organizations and 4 percent for businesses with terms up to 30 years. 

. Loan amounts and terms are set by the SBA and are based on each applicant's financial condition.

November 14, 2012 is the filing deadline to return applications for physical property damage and June 12, 2012 is the filing deadline for economic injury applications.

Residents and Businesses can learn more about applying by visiting the  SBA's website: https://disasterloan.sba.gov/ela/.

Business loan applications can be downloaded from SBA's website at www.sba.gov

Individuals and businesses can call the SBA's Customer Service Center at 800-659-2955; Monday through Friday from 8 a.m. to 6 p.m. ET or contact them by sending an e-mail to disastercustomerservice@sba.gov

Vanderburgh County will also be operating a center to help in the facilitation of these loans. Information is as follows: 

Vanderburgh County Emergency Management Agency Office
708 Stanley Avenue; Evansville, Indiana 47711
Hours: 8:00 am to 4:00 pm
Days: Wednesday, September 14, 2011- Thursday, September 22, 2011, Saturday, September 17, 2011
Closed:  Sunday, September 18, 2011

"This past spring was a very trying time for residents, but our community stayed strong, united and overcame many of the challenges brought on by the floods," said Rep. McNamara. "These new loans will provide yet another tool for residents to utilize when moving forward and rebuilding."