Tornadoes Spark Low Interest Loan Applications

: Chris Lee Law Firm

  Filed under: Loans

tornado reliefSevere weather season has taken its toll on the south and Midwest in recent weeks. With hundreds of families without a home and many more in the middle of surveying their damaged property, finding the money to rebuild isn’t always easy. Even with the help of homeowners insurance and government programs like FEMA, many families won’t be able to fund their rebuilding projects. Luckily, the U.S. Small Business Administration (SBA) has been traveling the country offering additional help to affected homeowners.

 

Working Together

It is unfortunate that insurance and government aid won’t be enough to clean up the devastation left behind after hundreds of recent tornadoes. However, services from agencies like the SBA are working to make the efforts a little easier. The SBA is offering homeowners a chance to apply for low interest loans to fund their rebuilding projects and get their homes back.

Those affected by the storm may be eligible to qualify for up to $200,000 for owned home renovation projects and displaced renters can apply for up to $40,000 for personal property replacement.  The loans will be interest free for the first 90 days and as low as 1.8 percent after that, which was designed to help homeowners avoid debt troubles while they wait for reimbursement checks from insurance companies and federal aid. Those without insurance or not expecting much in the way of federal aid may be eligible for one of many state-funded disaster relief programs. Interested homeowners can find out more about the SBA loans by visiting their website at www.sba.gov.

 

 

 

 


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