Low-Interest Federal Loans Available for Flood Victims | Webster Kirkwood Times

Individuals and businesses affected by severe flooding in the St. Louis area from July 25 to July 28 now have additional resources to help them recover.

U.S. President Joe Biden’s August 8 declaration of disaster makes the Federal Emergency Management Agency’s Personal and Household Program available to residents and businesses in the City of St. Louis and St. Louis and Saint Charles.

In conjunction with FEMA, the United States Small Business Administration’s Office of Disaster Assistance administers the program. At a meeting of the Shrewsbury Board of Aldermen on Tuesday, SBA public information officer Corey Williams encouraged business owners, homeowners, tenants and non-profit organizations to learn about their low-interest loan options to help with their flood recovery efforts.

The first step in the disaster recovery process, Williams said, is to register with FEMA. There are now four ways to register – visit the FEMA website at Disasterassistance.gov, call toll-free 1-800-621-(FEMA)3362, download the FEMA mobile app at Android or IOS devices, or visit one of the disasters. recovery centers have recently opened in the area, including Hazelwood Civic Center on Dunn Road and Ranken Technical College on the corner of Newstead and Page – both open from 8 a.m. to 7 p.m., seven days a week.

“Once a person registers with FEMA, they can receive a referral to the SBA,” Williams said. “A landlord or tenant in Shrewsbury may ask: I don’t own a business. Well, in the event of a disaster, we are able to offer home loans. No closing costs, no fees to apply and no prepayment penalties. »

Homeowners may be eligible to borrow up to $200,000 to repair or replace disaster-damaged property, and up to $40,000 to repair or replace disaster-damaged personal property. Interest rates on these loans start at 1.688%. Tenants can also borrow up to $40,000 to repair or replace damaged property.

Businesses and nonprofits can borrow up to $2 million with business loan interest rates starting at 2.93%. Nonprofits have a fixed interest rate on loans at 1.875%.

“I encourage anyone with questions to visit one of our disaster recovery centers,” Williams said.

He also encourages flood victims not to wait too long to submit their claim. The loan deadline for physical damage is October 7. The deadline for economic damages, including revenue impacts, employee layoffs, and inability to make monthly lease payments, is March 8, 2023.

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