Federal Low Interest Home and Small Business Loans Cleared for San Antonio Tornado Damage

the U.S. Small Business Administration says low interest loans, with loan rates as low as 1.8 75% to homeowners, will be available for qualifying homes, small businesses, and non profits which suffered damage in last month's tornado swarm, News Radio 1200 WOAI reports.

Even though the storms hit the hardest in northeast San Antonio and Bexar County, the loans will be available to affected people in Bexar and the surrounding counties, according to SBA Administrator Linda McMahon, who issued the disaster declaration.

“SBA is strongly committed to providing Texas with the most effective and customer-focused response possible, and we will be there to provide access to federal disaster loans to help finance recovery for businesses and residents affected by the disaster,” McMahon said. “Getting our businesses and communities up and running after a disaster is our highest priority at SBA.”

The loans will be made available to repair or replace disaster damaged homes, businesses, personal property and real estate, including personal and business vehicles.

They are generally available to individuals who don't have insurance that covers the damage, or who have insurance which is inadequate to cover the losses.

The interest rates are the lowest to individuals, non profits, and small businesses which do not have access to credit elsewhere.Loans are also available for 'economic injury,' which generally includes a small business which was destroyed by the tornadoes which wants to reopen in the same location or move to a different location.

Applicants must have a credit history and show an ability to repay all loans.  Collateral is also needed in most cases.

The deadline to apply for a loan to repair or replace physical damage is May 2.  Economic injury loan deadline is December 4.

Disaster Loan Outreach Center (DLOC) representatives will be in the community starting today to open and begin receiving low interest loan applications. 

The DLOC is expected to remain open for up to 10 days, and will be located at the Central Library to provide central access to all affected counties, 600 Soledad Street.

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