Representatives from the Federal Emergency Management Agency and the disaster recovery arm of the Small Business Association are urging residents affected by severe weather to take advantage of available financial assistance.
Following a Presidential Disaster Declaration announced earlier this month, federal workers moved into Union County and 10 others around the state dealing with the aftermath of spring weather.
Sharon Dooley, a public affairs specialist with SBA, said residents should be aware of a number of loan offerings to help with damage.
“We offer long-term, low-interest loans to homeowners, renters, businesses of all sizes and most nonprofits, including houses of worship that may have sustained physical damage due to, and this declaration covers, the March 14 tornado,” she said. “It’s long-term, so 15 to 30 years to pay back. Interest rates for home owners and renters can be as low as 2.688% or as high as 5.375%.”
Dooley is one of the SBA workers that visited the county last week, working with FEMA to get information out to residents. Workers set up a temporary Disaster Recovery Center in the Liberty Township Community Center, which was open through last week. Residents that still want to ask questions in person can visit the Logan County DRC in Russells Point.
While much of the damage in Union County was to residential homes and buildings, she said the SBA does have similar loans available for businesses and those rates could be as low as 4% or as high as 8%, adding that nonprofits rates would be 3.25%.
Depending on the circumstance, residents can qualify for different amounts.
“So a renter may qualify for up to $100,000 for their personal property, that’s clothing, furniture or a vehicle that was damaged due to the tornado,” Dooley said. “Homeowners may qualify up to $500,000 to repair or replace their primary home that may have sustained physical damage due to the tornado.”
Homeowners can also qualify for the $100,000 personal property money as well.
Dooley said residents should apply for the loans even if they aren’t certain they’re needed, as they don’t have to be accepted if approved.
“I always say it’s better to have the resources and not need them than to need them and you can’t get them because the deadline has already passed you by,” she said. “The deadline to apply for physical damage for everyone, homeowners, renters, business owners, is July 1.”
There is a second type of loan available for businesses, Dooley said, called an Economic Injury Disaster Recovery loan. Those funds cover losses in revenue, rather than loss or damage to physical property from the tornado.
“Maybe trees were down in the road and their customers couldn’t get to their business or maybe one of their suppliers were in a county that received major damage, so they couldn’t get their goods out to their customers,” she said. “And that’s for businesses only and that deadline to apply is Feb. 3, 2025.”
Loans have 0% interest for the first 12 months and payment on the loans wouldn’t start for a year after initial funds are received.
To be approved for loans, the SBA does require those applying to have a “satisfactory” credit history, an ability to repay the loan and obtain and maintain necessary insurance such as homeowners or flood insurance. Dooley said residents can obtain it if they don’t currently have it as well as the SBA covers that gap.
Residents can have started the process of repairs and can get reimbursed for work done as long as receipts are kept, pictures or other forms of evidence.
Survivors don’t need to have visited a Disaster Recovery Center to apply for assistance. To apply online for FEMA assistance, visit DisasterAssistance.gov, download the FEMA mobile app or call the FEMA Helpline at 800-621-3362. For even more information about SBA loans, visit SBA.gov/disaster.