In response to massive flooding in Florida and the surrounding areas, the US Small Business association announced that they will be making low rate loans available to those who were affected. Administrator Steve Preston made the announcement on the low rate loans today.
“We look forward to working with residents of Florida who were affected by these storms and flooding,” said Preston. “We will work as hard as we can to make SBA disaster recovery loans available so the people of Florida can rebuild their lives, their homes, their businesses and their communities.”
Frank Skaggs, Director of Disaster Field Operations Center East said, “Residents, both homeowners and renters, are eligible for loans up to $40,000 to repair or replace damaged or destroyed personal property. Loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. The SBA’s Customer Service Representatives will be on hand at the Disaster Loan Outreach Center to issue loan applications, answer questions about the SBA’s disaster loan program, explain the application process and help individuals complete their application.”
Under the new low rate loan plan, businesses will be able to apply for up to $1.5 million in order to fix their damaged businesses and equipment.
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