Small Business Association offers low-interest loans for tornado victims

By WEEK Producer

Small Business Association offers low-interest loans for tornado victims

December 6, 2013 Updated Dec 6, 2013 at 1:14 PM CDT

WASHINGTON, Ill. -- FEMA has approved $800,000 in individual assistance for the November 17 storms.

Officials said it is important that both residents and business owners continue to register.

The small business administration offers long term, low-interest loans for homeowners and renters, private non-profits and businesses of any size.

"So for individual homeowners, they can borrow up to 200,000 dollars to repair or replace their primary residence, plus up to an additional 40,000 dollars to repair or replace their damaged personal property,” said Michael Peacock of the SBA office of disaster assistance. “Businesses and private non-profit organizations can borrow up to two-million dollars."

For homeowners, interest rates begin at 2.25-percent. For non-profits it is 2.625-percent and loans for businesses begin at 4-percent.

Remember, you must register with FEMA first. The SBA's website www.sba.gov.

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