• Last modified 675 days ago (Aug. 7, 2019)


SBA will help with disaster loans

Staff writer

Representatives from the Small Business Administration are at Hillsboro city building until Aug. 15 to provide information on low-interest disaster loans for county residents who suffered flood losses between June 22 and July 6.

Interest rates as low as 1.938% are available to homeowners, renters, nonprofit organizations, and business owners.

“If homeowners or renters qualify for a loan, it’s at 1.938% for the life of the loan,” SBA public information officer Don Fikes said.

“The loan term is up to 30 years. If you combine the two, a low interest rate and a 30-year term, maybe it can be affordable.”

At that rate and for 30 years, cost to borrow $10,000 would be $36.65 per month, according to standard loan rate calculations.

People with large amounts of money in the bank or large 401(k) plans might have to pay a higher rate, Fikes said.

Business loans are 4% and private nonprofit organizations are 2.75% interest.

Homeowners can borrow up to $200,000 for their primary residence and people with damage to personal property including vehicles can borrow up to $40,000.

Loan amounts and terms are based on the applicant’s financial condition. 

Once an application has been submitted, a loss verifier will contact the applicant, Fikes said.

Last modified Aug. 7, 2019