SBA loans available for flooding victims
Long awaited federal help has finally come through for Michiana flooding victims.
The Small Business Association low-interest loans are now available.
Applications can be made online, and the O’Brien Center will be open for questions.
The loans come as a relief for south side homeowner Julie Tekler.
“Everything that we’ve done thus far has been out of pocket,” Tekler said.
Tekler estimates her repair costs could exceed $40,000.
“We’re in the tens and that’s just for building materials so far,” Tekler said.
That’s why she is applying for a federal low interest loan first thing Wednesday morning.
Homeowners, small businesses and non-profits damaged in the flood now apply for the loans.
The St. Joseph County Emergency Management Agency, lead by John Antonucci, compiled a list of everyone’s damage in order to receive the loans.
“Our office will actually manage the intake portion of the process,” Antonucci said.
The loans go up to $200,000 for homeowner or renter’s real estate, and $40,000 for personal property.
The interest rate depends on each situation.
“It is a loan and the money does have to be paid back, if people have the resources and wherewithal to be able to pay a loan back, this is, I think, a very very good option,” Antonucci said.
Tekler agrees, and after paying tens of thousands of dollars already, she says these loans can’t come soon enough.
“It all has to be replaced; the entire kitchen suite, the washing machine, the dryer,” Tekler said.
For those who don’t qualify for the loans, the Indiana Disaster Relief Fund also officers $5000 grants, that can be applied for through the St. Joseph County Emergency Management Agency.