In February East Tennessee and Southeastern Kentucky faces a number of weather related disasters. severe storms, flooding, flash flooding, landslides and mudslides occurred throoughout the region.
Now U.S. Small Business Administration is here to assist businesses of all sizes, faith-based organizations, non-profit organizations, and small agricultural cooperatives, homeowners and renters via low-interest disaster loans with terms up to 30 years. These loans are for uninsured and under-insured damages. If you’ve already used your savings to repair your property, you can “reimburse” yourself with a low-interest disaster loan.
Businesses may borrow up to $2 million for their physical damages and economic losses
Homeowners may borrow up to $200,000 to repair their primary residence; renters and homeowner can borrow up to $40,000 to repair and replace personal items, including vehicles
You may add on an additional 20 percent of the approved loan total to fund mitigation improvements to make your home safer
The loans have a 5-month payment deferment. The first payment is not due until 5 months from when you sign the closing documents.
Interest rates are as low as 1.563% for homeowners, as low as 3.75% for businesses, and are just 2.75% for non-profit organizations
There is no collateral required for loans of $25,000 or less
There is no cost to apply, and no points or closing fees
There is no obligation to accept the loan if offered. You can turn it down, and then you still have six months to “reactivate” your loan.
The application deadline is July 31, 2020 for physical damages.
Details are in the attached fact sheet. Apply online at https://disasterloan.sba.gov