Disaster assistance loan services coming to county
A Small Business Administration disaster loan outreach center will operate at the civic center in Hillsboro 8 a.m. to 5 p.m. Tuesday to Aug. 15.
The federal agency has low-interest disaster loans available to Marion County residents who suffered flood losses between June 22 and July 6.
The loans, with interest rates as low as 1.938%, can be used by homeowners, renters, nonprofit organizations, and business owners.
“If homeowners or renters qualify for a loan, it’s at 1.938% for the life of the loan,” SBA public information officer Don Fikes said. “The loan term is up to 30 years. If you combine the two, a low interest rate and a 30-year term, maybe it can be affordable.”
At that rate and for 30 years, cost to borrow $10,000 would be $36.65 per month, according to standard loan rate calculation.
People with large amounts of money in the bank or large 401(k) plans might have to pay a higher rate, Fikes said.
Business loans are 4% and private nonprofit organizations are 2.75% interest.
Homeowners can borrow up to $200,000 for their primary residence.
People with damage to personal property, including vehicles, can borrow up to $40,000.
Fikes is encouraging anyone who suffered a flood loss during that time to talk to loan assistants and see whether the program might help them.
“There’s no obligation,” he said. “We just tell you what you can do, and you make the final decision.”
Farm losses are not qualified, but damages to a farmhouse or personal property are qualified.
“Come in to the center in Hillsboro,” Fikes said. “You don’t have to, you can apply online, or you can request a paper. We’ll help them fill out the application electronically. They’re going to punch the button and everything is started.”
Loan amounts and terms are based on the applicant’s financial condition.
The deadline to apply for property damage is Sept. 30. The deadline to apply for economic injury is May 1, 2020.
Once an application has been submitted, a loss verifier will contact the applicant, Fikes said.