New Year's Eve Tornadoes
6:06 pm
Fri January 28, 2011

SBA announces low-interest loans made available to tornado victims

The U.S. Small Business Administration announced today the availability of low-interest federal disaster loans to victims of the 2010-2011 New Year's Eve tornadoes.

According to an SBA release, the Administration acted under its own authority to declare a disaster following the denial on Jan. 26 of the state’s request for a major disaster declaration.

“Low-interest federal disaster loans are available to homeowners, renters, businesses of all sizes and private, non-profit organizations whose property was damaged or destroyed by the disaster,” said Dennis Melton, SBA’s St. Louis District Director. 

Victims of the storms who are residents of Franklin, Crawford, Gasconade, Jefferson, St. Charles, St. Louis, Warren and Washington counties in Missouri can start to file for the loans at 8 a.m. on Feb. 1.  at several specific Disaster Loan Outreach Centers or online. No appointment is necessary.

The release says that disaster loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate.  Homeowners and renters are eligible for up to $40,000 to repair or replace damaged or destroyed personal property.