For everyone that is still recovering from the flood, we haven’t forgotten about you! If you have not already applied to receive help in the recovery process please do so. A recent flood update article in the Providence Journal said that U.S. Small Business Administration (SBA) is getting off to a slow start. Only 1112 businesses have applied and they are urging the public to apply! They want to continue to help all of the victims of the flood.
On Monday morning the SBA has approved low-interest loans for 14 businesses totaling $729,700, according to the agency. On the other hand FEMA has handed out more than $25 million in grants to individuals. Many people probably think that SBA loans are only available to businesses, but homeowners and renters are also able to apply for the loans. Many people are reluctant to apply for these loans because it takes a lot of time to process one application.
The spokesperson for SBA, Carl W. Sherrill, however is still urging people to apply for these loans. He wants people to apply regardless of how much money they think they need or whether they can even afford a loan. The SBA loan gives business and home owners quick cash that allows them to rebuild before they even receive an insurance settlement. Once the insurance settlement comes the people can use that to pay off the loan to the SBA.
Another factor slowing down the process of receiving loans was that FEMA’s flood insurance program was being discussed in Congress. Businesses can receive up to $2 million in SBA loans, but SBA can only give them $14,000 without collateral. In order to have collateral it has to be covered by flood insurance. FEMA’s flood insurance program has been extended and now businesses can receive SBA loans of more than $14,000.
Please apply for these loans! SBA is there to help the victims; only 112 have applied so far. Applying for this loan will make it easier to start your recovery process. We know that businesses are still getting off to a rocky start after the flood and we want to help. Please continue to call us at Bucci Insurance with any questions you have about your flood recovery process. We would be happy to assist you when working with SBA or FEMA.