Gov. offering cheap loans locally to pay for flood repairs

By Adam Strunk 

If you suffered flooding damage from recent storms, there’s some folks in the area from the government and they’re here to help.

The U.S. Small Business Administration has opened an office in Hillsboro at 118 E Grand Avenue, and will offer low interest loans of up to $200,000 for individuals to repair and replace real estate and $40,000 to replace or repair personal property. For businesses that number will be up to $2 million for property and up to $2 million for economic injury.

“We do a lot with basement flooding,” Don Fikes, public information officer for the SBA said. “It’s very common in these situations.”

Long story short, if you live in Harvey County, had flood damage and want to get a loan to fix it, you can get an interest rate on a home loan starting at 1.9 percent. Business loans start at 4 percent and loans for non-profits start at 2.75 percent.

The office is in Hillsboro as Fikes said that was the center of the flooding damage. To qualify for the loans the damage is required to have occurred between June 22 and July 6. However Fikes said people should call in or visit the office and not pre qualify or disqualify them selves.

“I would encourage everyone to come in and talk,” he said. “They could of have damage then and could have damage now.”

At the office Fikes said there will be people helping with applications and filling it out electronically.
He said once an application is filled out, then a person charged with assessing damage will call and speak with the person about the damage the have.

Fikes encouraged anyone who might have possible flood damage to speak or come into the center.

“They need to come in and talk with us and submit an application,” he said. “Then they know what their options are moving forward. “

He said loans can cover all sorts of property replacement, even cars and personal effects of people who rent if those items were damaged.

The office will be open Monday through Friday from 8 a.m. To 5 p.m. and stay open from Aug. 6 to Aug 15. Applications for physical damage must be submitted by Sept. 30. The phone number for the SBA Disaster Assistance Service Center is 1-800-659-2955