Sat, Nov 21 2009
|
|
Published July 09, 2009 08:23 pm - Three types of loans are available to assist local businesses and area homeowners who experienced property damage in the May 8 windstorm. Home Disaster Loans are for homeowners or renters who sustained personal property or real-estate damage, said Burl Kelton, communications specialist for the U.S. Small Business Association. SBA loans available to businesses, homeowners following May 8 storm By Anne Hershewe
news@joplinglobe.com Three types of loans are available to assist local businesses and area homeowners who experienced property damage in the May 8 windstorm. Home Disaster Loans are for homeowners or renters who sustained personal property or real-estate damage, said Burl Kelton, communications specialist for the U.S. Small Business Association. On Thursday, he outlined the types of assistance available from the federal agency. Business physical disaster loans allocate funds for businesses and not-for-profit organizations to replace and repair property, he said. And Economic Injury Disaster Loans (EIDLs) are available for businesses that cannot financially support themselves because of a disaster. Last month, President Obama issued a disaster declaration for 28 counties in Missouri, including Jasper and Newton counties, for damages to personal and business property from storms and flooding occurring from May 8 to 16. The declaration enables people in these counties to apply for federal funding in the form of grants and loans. While FEMA is able to provide immediate emergency aid to communities through grants, the SBA can award loans to residents to help repair and replace damaged property. “We’re there for the long-term assistance of the victims,” said Kelton Kelton also said SBA loans are optional and, after they are approved, applicants have up to six months to decide whether to take the funding. He said sometimes circumstances arise where disaster victims cannot take care of damages financially a few months following the application deadline. Kelton said this time period gives people a bit of a cushion to make a final decision. He also said the SBA tries to evaluate applications within a few days of receiving them and it tries to get back to applicants within two weeks with a loan offering. Businesses can receive a loan up to $2 million, while homeowners can receive as much as $200,000, Kelton said. Interest rates for businesses and Economic Injury Disaster Loans are between 4 and 6 percent, and rates range from 2.5 to 5 percent for home loans. The terms are for 30 years. Kelton said that the process ends up being “self-perpetuating” because people who have been helped by SBA loans in the past pay back their loans, which creates funds to loan to other disaster victims. The application deadline for home and business disaster loans is Aug. 18. The deadline for an economic injury loan is March 2010. 
•
Click to discuss this story with other readers on our forums.
More from the Local News section
Some Briarbrook residents want tax district to save golf course, country club ‘Journey Stories’ set pace at exhibit in Miami Public Library MSSU board slates retreat for February Neosho city manager admits use of airport loan to pay city bills Lori Marble: Neosho’s Hickory Creek shines like a town jewel |
Print this story
E-mail this story
Post to del.icio.us
Discuss this story
 |
 |
: Special Offer For New Subscribers :
 |
||||||||
|
||||||||
 |
|
|
Published by Newspaper Holding, Inc. 117 East Fourth Street, Joplin, MO 64801 Using our site is your agreement to the terms and conditions. News: news@joplinglobe.com • (417)623-3480 Advertise with the Joplin Globe Copyright © 2006 The Joplin Globe, Joplin, MO All rights reserved. 
|
Popular Business directory links - Joplin Apartments | Joplin Attorneys | Joplin Auto Dealers | Joplin Auto Parts | Joplin Auto Repair | Joplin Beauty Salons | Joplin Car Rental | Joplin Dentists | Joplin Doctors | Joplin Flowers | Joplin Hotels | Joplin Insurance | Joplin Loans | Joplin Mortgages | Joplin Movers | Joplin Pizza | Joplin Realtors | Joplin Restaurants | Joplin Storage | Joplin Tax Preparation | Joplin Travel | Joplin Featured | More...
|
|
Community Newspaper Holdings, Inc. • CNHI Classified Advertising Network • CNHI News Service |
