Low-Interest Loans Coming For Those Affected By Flooding
As predicted by governor Mary Fallin last week, the Small Business Administration has agreed to offer low-interest loans to help those affected by flooding in June. These loans will assist local residents and business get back on their feet after flooding spread damage across the region last month.
The SBA stepped in after FEMA funding was declined for the area, offering loans to business owners, home owners and renters in the Lawton area. Those loans range from just over 1% interest for home owners to 4% interest for businesses.
Susheel Kumar, public information officer for the Small Business Administration, says the Small Business Administration is working to help people, by offering the one thing they need most in times of disaster. The SBA representative acknowledges that the biggest impediment to recovery is lack of funds, and that the SBA is the largest resource available in the community to repair, recover, replenish post disaster.
Kumar explained that the SBA uses a model called "cash flow" to determine the amount and length of each loan. It essentially measures what is left over from a person's income after they pay their expenses. He went on to say that the SBA will do its best to help every single person who comes through the door, even if they feel a loan isn't the best option. The SBA is doing at is can to expedite the process, offering same-day approvals. If you are approved, your home or business will be inspected within four days and you should have your money within three business weeks.
The Small Business Administration will be at the Prairie Building at the Comanche County Fairgrounds from 9 a.m. until 6 p.m. every Monday through Saturday, until at least June 23. The application is free and should take less than an hour to fill out. to find out more about the disaster loans, please go to the SBA website.
courtesy KSWO News