In the wake of the damaging winds and fires that swept through Cleveland County this past March, the U.S. Small Business Administration's Office of Disaster Recovery and Resilience has stepped in following a Presidential Disaster Declaration. Business owners and residents can find reprieve in the form of low-interest disaster assistance loans, aimed at helping them rebuild in the aftermath of these devastating events. More detailed information about applying for the loans is available at the SBA's website, a necessary visit for those affected and in need of aid.
Key terms of the assistance packages have been disclosed, with homeowners and renters being offered a 2.75% fixed rate to repair or replace damaged property. While addressing the needs of businesses, a slightly higher 4% rate has been set for repairing or replacing real estate, inventory, as well as essential machinery and equipment. For the private nonprofit sector, including religious institutions, a 3.625% rate is being provided. With the tragedy still fresh, a standout feature is the 12-month repayment deferment that comes with no accrued interest, giving a financial breathing room for those just picking up the pieces of their lives.
Regarding loan maximums, individuals could see up to $500,000 for restoring their primary homes to pre-disaster conditions. Personal property, including vehicles, could be repaired or replaced under a $100,000 cap for renters and homeowners. One notable provision allows borrowers, once verifying the extent of physical damage, to potentially add up to 20% more on top of their loan, to a $500,000 maximum, aimed at reinforcing their properties against future disasters, not just the wildfires they've already faced. This information was relayed by the office's official release and can be reviewed on their website.
