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The SBA Offers Loans to Help Repair Damage from Storm in Mt Vernon
The US Small Business Administration is helping small businesses in Mt Vernon, Illinois, recover from the storms that took place last summer. The storm occurred on the 21st July this year. It caused a lot of damage, including damaging homes and businesses. It also cut off the power supply to some areas for almost a week. City officials from Mt Vernon applied to the Federal Emergency Management Agency for help in paying for some of the damage. That application was denied.
Even the businesses and homes were insured have found that insurance companies are not giving them enough money to fix the damage caused by the storm. For instance, Dawn Eubanks was given $500 to replace a roof which cost almost $6,000.
Officials from the Small Business Administration have been in Mt Vernon for the past week and will be there for a few more days. They have set themselves up at the Mt Vernon City Hall. They are there to help secure loans for people like Eubanks, and other residents of Mt Vernon who have had their businesses or home damaged, to help repair the damaged property. They hope that these low-interest loans will help get the town back to the state it was in before the storm hit. They are also making calls to people who were effected by the storm.
Homeowners, business owners and renters can apply to the Small Business Administration for these low-interest loans. The loans offered by the Small Business Administration cover damage to property, contents and automobiles. Properties that were insured can also claim if the money paid by the insurance company did not cover the full amount of the cost of the damage. People who been declared bankrupt in the past can also apply. The loans offered to repair damage are up to $200,000 for damage to real estate, $40,000 for damage to contents and $1.5 million for businesses.
The Small Business Administration is also offering loans to businesses that experienced an economic loss due to the storm. If they can draw a direct line between the loss and the storm they may be eligible for one of these low-interest loans. Loans of up to $1.5 million are being offered.
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