SBA Loans Available for Apalachicola Tornado Victims

By: Heather Waliga
By: Heather Waliga

There's good news for victims of last month's Apalachicola tornado. They're now getting some extra financial support from the U.S. Small Business Administration.

The SBA announced Friday that it will begin offering low interest disaster loans to affected residents. Homeowners are eligible for loans up to $200,000 to help fix their property.

Up to$ 40,000 in loans are available to homeowners and renters to replace personal belongings. The Emergency Management Center estimates that six to eight homes were destroyed during the tornado, and 25 to 30 homes had major damage.

Several of the victims didn’t have insurance, and don't qualify for federal emergency management assistance.

Butch Baker, Franklin County Emergency Director, said, "If they qualify, we're looking at a small interest loan possibly as low as two percent for those who have no other credit available anywhere else, and for those who do have credit available, it runs a little higher, anywhere from two to four percent on small business loans."

SBA officials will be at the Franklin County Emergency Management Office for the next two weeks to answer questions.

Anyone interested can stop by beginning Tuesday from 8:30 a.m. to 4:30 p.m.


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