Flood Victims May Be Eligible For Small Business Loans

Disaster assessment teams have begun to assess the damages that the flooding last June has caused

. Since the flood happened, there have been over 701 reports of flood-caused damage. Out of the 701, 302 claimed to have up to a foot of water their homes or business. 307 claimed to suffer from slight damage with water levels below eight feet while sixteen reported to have over eight feet of water causing major damage to personal property.

Officials from Wisconsin Emergency Management and the Small Business Administration are out to find out just how much damage the flood has caused to Homes. According to Tod Pritchard, spokesperson of Wisconsin Emergency Management, floods are highly regarded as a huge disaster for every homeowner. He said that what is worse is that it takes a lot of time to recuperate from it. Hence, the government decided to do a damage assessment. The team aims to help the homeowners by finding out if the damage done to the homes will qualify the area for Small Business Administration loans. SBA loans differ from regular loans because of the low interest rates.

In order to qualify for the low-interest SBA loans, there should be at least 25 homes or businesses that sustained at least 40 percent uninsured property damages. Once this criterion is met, a request for a declaration from the SBA Agency can be made. This declaration will allow anyone to apply for loans at low interest rates. The loans can amount to $200,000 for property damage and $40,000 for repairs or to restore personal property.

Pritchard said the organization is trying its best to figure out the most possible way to reach out to people who need relief. Small business loans could be their best option.

Indeed, these loans can go a long way in helping both individuals and businesses recover and get a fresh start. Business loans that charge low interest rates play a very important role in the economy. Apart from disaster relief, there are other kinds of loans that help individuals and businesses. Small business loans can help individuals by providing funding for the startup of small businesses. Small business funding also helps existing businesses by providing funding for expansion and/or by providing additional working capital.

There are a number of available small business loans that address different financing needs. Research the wealth of data online and get the financing your company or idea requires.

by: gnsauthor

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