Flood victims question value of loans
Low-interest loans soon may be available for Marion County businesses, homeowners, and renters impacted by flooding June 22 through July 6, but Harry Rhodes is unsure if it will be worth applying.
He said he would be interested in applying if the decision-making process will be quick, but not if the process will take months.
Even if the timing is right, applying for a loan comes down to how affordable it is, said Rhodes, co-owner at G and R Implements.
“It depends on how attractive it is,” he said. “Depending on the interest rate, length of terms, and things like that.”
Preliminary damage assessment by the state and federal officials persuaded Governor Laura Kelly to send a disaster declaration to the Small Business Administration.
If the declaration is approved by SBA, victims may apply for low-interest loans to repair or replace property damaged or destroyed.
Loans can be for real estate, personal property, machinery, equipment, inventory, and other business assets.
“It may be an extra tool that would sure help us in a time like this,” Rhodes said.
Peabody resident Gary Branham said he wouldn’t be able to apply if he did need the assistance.
“I have flood insurance, but if not I still wouldn’t be able to get a loan,” he said. “I wouldn’t be able to afford it.”
While it might make sense for some, Branham said it wasn’t viable while being on disability.
Branham said he had damage to several appliances, including his refrigerator, air conditioner, and even one of his motorized wheelchairs.
“I got four feet in my shed, but even two inches is too much,” he said.
The declaration for Marion County would apply to adjoining counties as well.
Flooding was reported June 22 in Peabody, July 4 in Durham and other areas in the northern part of the county, and subsequently downstream outside Marion and Florence after massive amounts of water were released from overloaded Marion Reservoir.
Last modified July 31, 2019