Federal officials visited Newburgh to collect data from disaster struck people whose property got damaged due to tornado that struck on March 2nd. A disaster recovery center is set up by Officials of Federal Emergency Management Agency (FEMA) and SBA’s Office of Disaster Assistance.
Old Lock & Dam control building on the French Island Trail is the location for Disaster Recovery Center. FEMA staff will start registering residents for grants and SBA officials will start accepting applications for low-interest small business loans. SBA and FEMA work together and compliment each other.
FEMA officials also visited Clark, Ripley, Scott, Washington, and Jefferson counties other than Newburgh as the victims of these counties requested for disaster assessment. These county members have faced tangible damages and so President Obama gave his approval to individual disaster assistance.
Till now, 960 resident members of Newburgh and the other counties received $780,000 as disaster grants. Assessment has been done on the basis of number of houses damaged and the impact on community. Once money is received from FEMA, there is no need to pay it back. FEMA aims to help property owners without insurance or those that are underinsured.
The disaster affected residents just have to register themselves either online or by visiting recovery center. Then an inspector visits to survey their damaged property. And if they qualify, an electronic loan transfer takes place within 10 days to their respective bank account. The loan limit for businesses is $2 million, homeowners $200,000 and property coverage for renters is $40,000. The interest rate starts at 1.875 percent and the term extends up-to 30 years. The small business loans make money available faster than insurance companies.
This article was submitted by Raj Tulshan, Director of Business Development of Biz2Credit. Biz2Credit is a small business marketplace that connects entrepreneurs with financing options and advice to grow their business. Send all questions to email@example.com