Wednesday, July 2, 2003

Loans available for damage from flood

Local residents who had some or no insurance and suffered damage from the severe storms and flooding two weeks ago may apply for low-interest disaster loan assistance from the U.S. Small Business Administration.

The SBA has declared Fayette County a disaster area and has opened a temporary office at the Fayette County Administrative Complex on Stonewall Avenue in Fayetteville. The office, located in suite 214-A, will be open weekdays from 9 a.m. to 6 p.m. until further notice except for Friday when it will be closed in observance of the July 4th holiday.

SBA Disaster Area Director Michael C. Allen said no one should wait to settle insurance claims before applying to SBA.

"Waiting to apply just delays our ability to get you the help you probably will need to make the repairs to your damaged property," Allen said.

Disaster-damaged homes may be eligible for SBA loans up to $200,000. Homeowners and renters may be eligible for up to $40,000 to replace personal property.

"We want everyone who had any damage caused by the severe storms and flooding to come in and personally meet with an SBA loan officer," Allen said. "Our loan team will be glad to answer any questions about the disaster loan program, give you a disaster loan application and provide any extra help you may need or want with completing the application."

The deadline for physical damage applications is Aug. 28.

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