SBA Help Available For Maine Flood Victims
In a news statement, Rep. Rick Burns, D-Berwick has announced that all the victims who have suffered property damaged during the Patriot’s Day Storm can apply for financial assistance from Small Business Administration (SBA) disaster funds.
At the time of natural calamity or disaster, SBA usually offers long-term loans at affordable interest rates to victims. Business owners, home owners, renters and non-profit organizations who have suffered damage to their real estate property are eligible for these loans. This loan can be used for the purpose of repairing, renovating or replacing the damaged property.
According to Rep. Burns, all the victims who have suffered loss of property are advised to report the details of the damage immediately at the local town or county emergency management office. Due to Patriot’s Day Storm, several parts of Maine State including York County have suffered losses equal to $18 million. Hence, the state has been declared as a federal disaster area. This declaration has made the state eligible for receiving financial assistance from federal emergency management administration (FEMA). However, that state has not been declared eligible to receive private assistance for personal disaster damages.
All the victims including business owners are required to furnish complete details of the loss while applying for the loan. According to Burns, a natural disaster such as floods can cause huge personal damage and economic loss. SBA offers loans for business owners equal to the expenses during the period of business loss and also the lost income due to the damage. However, business firms need to provide details regarding both the physical and economical damage caused during the disaster.
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