University of Missouri Extension
Story source: Conne Burnham, 573-884-5254
COLUMBIA, Mo. – Homeowners, renters and nonprofit organizations as well as businesses in 16 counties in Missouri may be eligible for low-interest disaster loans from the U.S. Small Business Administration.
Severe storms, tornadoes, heavy winds and flooding have taken a heavy toll on many Missouri homes and businesses this year, notes Conne Burnham, University of Missouri Extension emergency management specialist.
“Even if you’ve decided you don’t want to take out a loan, I’d at least talk to them to learn what they can offer,” she said. “Someone who has done the research can make a much better-informed decision about whether or not they want to apply.”
Though flooding along the Missouri and Mississippi rivers hasn’t been as dramatic as some years in recent decades, flash flooding has been a major problem in many areas, including areas where few homes and businesses have flood insurance, Burnham said.
SBA’s disaster declaration makes assistance available in Franklin, Jefferson, Lewis, Lincoln, Marion, Monroe, Montgomery, Pike, Ralls, Shelby, St. Charles, St. Francois, St. Louis, Ste.Genevieve, Warren and Washington counties.
SBA has set up disaster loan outreach centers in Jefferson, Lincoln and Marion counties for people with questions about the loan program and application process. No appointment is necessary.
The centers, which opened August 20, are at Mercy Jefferson Hospital, 1400 U.S. Highway 61, Festus; Lincoln County Health Department, 5 Health Department Drive, Troy; and the Marion County Courthouse, 100 S. Main St., Palmyra. Centers will be open Monday-Friday, 8 a.m.-4:30 p.m., except Labor Day, through Sept. 10. Filing deadline for property damage loans is Oct. 19. For economic injury loans for small businesses and private nonprofits, the deadline is May 18, 2016.
Eligible businesses and nonprofits may borrow up to $2 million to repair or replace damaged or destroyed real estate, equipment, inventory and other assets. Loans up to $200,000 are available to eligible homeowners with damaged or destroyed real estate. Both homeowners and renters who qualify may borrow up to $40,000 to repair or replace personal property. Interest rates range from 4 percent for businesses to as low as 1.688 percent for homeowners and renters, with terms up to 30 years.
For more resources on disaster preparation and recovery, go to http://extension.missouri.edu/emergency or call your local MU Extension center.
The MU Extension Business Development Program has developed a detailed “Disaster Resource Guide for Small Businesses” at http://missouribusiness.net/article/disaster-resource-guide/.
MU Human Environmental Sciences Extension has articles, answers to frequently asked questions and other resources for families coping with disaster at http://missourifamilies.org/coping/.