Latest Headlines

SBA Helps Homeowners And Businesses Rebound From Tornadoes 05.28.2003

May 28, 2003
/ Print / Reprints /
ShareMore
/ Text Size+
The U.S. Small Business Administration has so far approved more than $15 million in low- interest disaster loans to affected homeowners, renters and businesses.

In the aftermath of the deadly outbreak of tornadoes that recently tore through the Midwest and parts of the South, the U.S. Small Business Administration has so far approved more than $15 million in low- interest disaster loans to homeowners, renters and businesses in the region.

Insurance industry officials have said the string of tornadoes is now considered the third-worst storm in U.S. history in terms of property damage.

The SBA is on-site, with employees from the office of disaster assistance working in recovery centers in Kansas, Missouri, Oklahoma, Texas, Mississippi, Alabama, Illinois and Tennessee. On April 24th President Bush declared nearly 200 counties in these states disaster areas.

"My heart goes out to all those who suffered losses when the tornadoes struck," said SBA Administrator Hector V. Barreto. "The SBA is committed to working with the residents and business owners in these areas to make available the funds they need to rebuild and rebound. Helping to get these communities back on their feet will contribute to the growth of America's economy."

The SBA makes low-interest disaster recovery loans to homeowners, renters and non-farm businesses of all sizes. Homeowners may borrow up to $200,000 to repair or replace damaged real estate. Individuals may borrow up to $40,000 to cover losses to personal property. The interest rate for home loans is 2.8 percent and 2.9 percent for businesses and non-profit organizations.

Non-farm businesses and non-profit organizations of any size may apply for up to $1.5 million to repair or replace business assets. Small businesses that suffered economic losses may apply for a working capital loan of up to $1.5 million, even if the property was not physically damaged.

To find out more about the SBA's disaster assistance program, visit the Web site at www.sba.gov/disaster.

Did you enjoy this article? Click here to subscribe to POB

You must login or register in order to post a comment.

Multimedia

Videos

Image Galleries

HxGN Live

More than 3,500 attendees from more than 70 countries attended HxGN Live, the annual Hexagon AB user conference, at the MGM Grand Hotel & Casino in Las Vegas on June 3-6. About 450 keynotes and panel discussions were held, and several companies from around the world exhibited their geospatial products. Here are a few snapshots from the event.

POB

POB August 2014

2014 August

In the August 2014 issue, POB explores how John McAslan + Partners used 3D modeling to facilitate the update design of King's Cross Station. Also, read how keeping workers safe on a rocky, steeply sloped mountainside requires precise, reliable monitoring.

Table Of Contents Subscribe

Surveying Career

Would you recommend surveying as a career to a current college student?
View Results Poll Archive

Point of Beginning Store

M:\General Shared\__AEC Store Katie Z\AEC Store\Images\POB\epubsite\Statues-pic-large.gif
Surveyor Statues

The perfect gift or award for any special occasion.

More Products

Clear Seas Research

Clear Seas ResearchWith access to over one million professionals and more than 60 industry-specific publications, Clear Seas Research offers relevant insights from those who know your industry best. Let us customize a market research solution that exceeds your marketing goals.

Geo Locator

Buyers Guide

The #1 buyers' guide for land surveyors and geomatics professionals. Search listings for software and equipment manufacturers, equipment dealers and professional services. CLICK HERE to view GeoLocator.

STAY CONNECTED

Facebook logo Twitter logo  LinkedIn logo  YouTube logoRPLS small logo

Google +