SBA loans available to residents affected by flooding - WREX.com – Rockford’s News Leader

SBA loans available to residents affected by flooding

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UNDATED (WREX) -

The Small Business Administration is offering low-interest loans for homeowners and businesses affected by April's flooding.

The loans are meant to cover losses that were not covered by insurance. In order to receive a loan, you must register with the Federal Emergency Management Agency. If you do not qualify for grants through the agency, you may be able to borrow money to help pay for repairs.

"Our terms are 30 years, interest rates are as low as 1.688 percent for homeowners and renters, as low as four percent for businesses, and as low as three percent for private non-profits," Tamara Jackson with the SBA explained.

You can register with FEMA by calling 800-621-3362 or visiting disasterassistance.gov. The deadline to apply is July 9.

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