Federal agency approves loans for Missouri disaster victims
The U.S. Small Business Administration approved $6.3 million in federal disaster loans for eligible Missourians after storms and flooding in early May.
Most of the funds — about $5.7 million — will go to residents, but businesses will be eligible to receive the remaining $636,700, according to a news release from the agency.
“[The Small Business Administration’s] disaster- assistance employees are committed to helping businesses and residents rebuild as quickly as possible,” Small Business Administration acting regional administrator Wayne Bell said in a news release.
Spring flooding prompted a presidential disaster declaration, and severe thunderstorms, winds and two small tornadoes were reported during the event.
The deadline for registration with the Federal Emergency Management Agency is Aug. 1. Representatives are available to help disaster victims through the application process and can be reached at (800) 659-2955 or online at sba.gov/disaster.
The borrowing limit for businesses is $2 million for repairs to real estate, machinery, equipment, inventory and other business assets.
Additional SBA funds are available for improvements to help mitigate the effect of future natural disasters.
Loans for homeowners are available up to $200,000 for repair and replacement of a residence, with $40,000 loans available to help pay for damaged personal property.
People seeking financial aid do not have to wait for insurance claims to settle or obtain a contractor’s estimate before registering for help.
Economic Injury Disaster Loans are available to help meet working capital needs of small businesses and most private not-for-profit organizations affected by the disaster.
These loans are available regardless of whether the business sustained property damage. The deadline for economic-injury applications is March 2.