More Than $1 Million Given in Home Loans Here for Flood Victims

Small Business Administration spokesperson Cynthia Cowell has provided current statistics on payouts for flood damage as of Friday for  Fayette County and La Grange.

Totals in Fayette County are for 16 homes for a total of $1,323,800. This amount includes the approvals in La Grange. To date, no business loans have been approved, but several have applied.

SBA provides low-interest, long-term disaster loans to businesses of all sizes, private, non-profit organizations, homeowners and renters to repair or replace uninsured/underinsured disaster damaged property. The agency also offers Economic Injury Disaster loans for businesses that may or may not have sustained any damage, but have experienced a downturn in business because of the disaster.

SBA recommends that residents and businesses first file their insurance claims and register with FEMA online at www.disasterassistance.gov. 

“Please do not wait for your insurance and FEMA to settle before applying for SBA assistance. SBA may be able to get your money to you sooner than your insurance, and we will work with FEMA and your insurance to make certain that no double-payments occur,” Cowell said.

The declaration is for damages received during Hurricane Harvey that occurred between Aug. 23 and Sept. 15.  The filing deadline to return applications for property damage is Oct. 24 – less than 30 days away. The deadline to return economic injury applications is May 25, 2018.

Homeowners, renters, businesses and private, non-profit organizations may apply online at www.sba.gov/disaster. The customer service center is also available to answer questions at (800) 659-2955. 

Applicants may also come in to a Disaster Recovery Center or a Business Recovery Center for person-to-person assistance in completing their applications. For a list of locations, visit SBA’s website at www.sba.gov/disaster.