Low-interest loans will assist homeowners with flood damages
Flood victims can begin applying for low-interest loans through the Small Business Administration starting today to cover costs of damages from the storms of Aug. 28 through Sept. 3.
Business owners and residents can apply for loans at the Armsdale Administrative Building, 124 Armsdale Road, off Route 85 in Rayburn, through Oct. 3 or online through Nov. 25.
The SBA Disaster Declaration was approved for Armstrong, Allegheny, Butler, Clarion, Indiana, Jefferson and Westmoreland counties, allowing homeowners, renters and businesses of all sizes to apply for low-interest federal disaster loans, according to Jeanne Hulit, acting SBA administrator.
More than 200 homes were affected by flooding, but the damage was not enough to qualify for Federal Emergency Management Agency assistance, according to Randy Brozenick, Armstrong County director of public safety.
The Red Cross assisted 10 families, made up of 21 people, with shelter, and 12 families, made up of 39 people, with food. Clothing was provided to 32 people.
Brozenick said county officials identified 25 homes or businesses with at least 40 percent of their flood damage not covered by insurance, an assessment required by the SBA for the declaration.
“This process took a lot of work, and I'm just glad we were able to get it,” Brozenick said. “This will at least give our residents help — it may not be a lot, but at least it is something to help recover from the flood.”
The loans provide up to $200,000 for homeowners to repair or replace damaged or destroyed real estate, or up to $40,000 to repair or replace damaged personal property.
Loan applicants are eligible for a loan increase of up to 20 percent of physical damages to make improvements to prevent future flood damage, according to Hulit.
Interest rates dip as low as 1.937 percent for homeowners and renters, 2.875 percent for non-profit organizations and 4 percent for businesses, with terms up to 30 years. Interest rates are based on each applicant's financial status.
The loans are the only type of disaster relief coming to the area, other than services provided by non-profit agencies, such as the Red Cross and Salvation Army, Brozenick said.
Brozenick said the SBA process works like any other loan — those interested must apply by visiting the Armsdale Building or by going online to www.sba.gov/disaster and filling out an application. Once accepted, residents and businesses can decide if the loan is the right decision for their situation, he said.
“I've heard from a lot of residents who have been waiting for assistance, and I just hope people will come out and take advantage of these loans,” Brozenick said. “They might not want it after they apply, but it'd be worth looking at what it could do for them.”
Brad Pedersen is a staff writer for Trib Total Media. He can be reached at 724-543-1303, ext. 1337.
Show commenting policy
TribLive commenting policy
You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.
We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.
While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.
We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers.
We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.
We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.
We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.
We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.
- Family escapes house fire in Kittanning
- Armstrong County adopts $20.7 million budget, maintains tax rate
- Armstrong man dies in single-vehicle crash
- Project Joy lifts Christmas spirits at Armstrong County Health Center
- Samples show Plumcreek gas leaks aren’t methane
- House fire quickly snuffed in Ford City
- Officials get early start on NuMine bridge replacement planning
- Donation another step toward new roof at Cowansville veterans center
- Firm to put in 1,000 hours guiding Ford City through state program
- South Buffalo church nears end of more than a century of worship
- Kittanning website being upgraded after borough purchase