|Harkin Announces $11 Million to Rebuild Iowa Homes and Businesses Affected by Flooding and Tornadoes|
|News Releases - Civic News & Info|
|Written by Sen. Tom Harkin|
|Monday, 01 November 2010 12:39|
WASHINGTON, D.C. – Senator Tom Harkin (D-IA) today announced that more than $11 million in Federal loans are coming to Iowa for residents and business owners affected by the severe storms, flooding and tornadoes that occurred June 1- August 31 of this year. The U.S. Small Business Administration (SBA) approved these funds, which will help to rebuild residents, businesses and non-profit organizations.
“Our state has seen more than its fair share of severe storms and natural disasters in the past few years, but Iowans have demonstrated resilience in the face of adversity ,” said Harkin. “Our rebuilding efforts are ongoing and today’s loans will provide an additional boost for those most affected by this summer’s storms. This is an important step to help get us back on our feet and to help rebuild our state’s buildings and economy.”
Today’s SBA disaster loans of up to $200,000 are available to homeowners to repair or replace their damaged or destroyed primary residence. Homeowners and renter are eligible for up to $40,000 to repair or replace damaged or destroyed personal property. Businesses of any size and private non-profit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other assets. SBA can also lend addition funds to help homeowners and business owners with the cost of making improvements that protect, prevent and minimize the same type of disaster damage from occurring in the future. Interest rates can be as low as 2.75 percent for homeowners and renters, 3 percent for private, non-profit organizations and 4 percent for businesses. SBA determines loan amounts and terms based on each applicant’s financial condition, with those with a weaker financial circumstance getting the lower rates.
The deadline to register for property damage is November 12, 2010. Residents and business owners who sustained damaged can register by calling (800) 621-3362or (800) 462-7585 (TTY). More information can be found at www.sba.gov/services/
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