Fri August 3, 2012
New SBA Loan Office Getting Good Response from Flood Victims
Since opening its office in Superior Monday, the Small Business Administration has taken applications from around 30 homeowners and businesses struck by flooding in June.
Robert Bowman of Superior says he came to the SBA office because he had tried to get a loan at his bank. But he had no luck unless he mortgaged his home with them. Bowman needs money to replace his furnace. Thankfully that was the only thing that he lost to flood waters, “I know a few people that, they got a lot of damage. He lost two vehicles, a friend of ours, and her whole basement flooded, she had one car in her basement and went down stairs and her washer and dryer were floating.”
Bowman says he wasn’t intending on applying yet. He has until September 25 before the SBA stops taking loan applications, “That’s what I pretty much came here to find out, is what I need you know?”
The SBA is offering low interest rate loans for flood victims. Loans can be up to 30 years long.
SBA Field Operations Specialist Sandra Harris says some of the people have claimed total losses on their home. She says that’s where the loans they are offering come in handy, “We ask them the questions and fill it out for them and then send them off to Texas to be processed. Usually, it’s just a few days. And we can do it all just by what he tells us, so they don’t have to bring anything with them.”
Hundreds of homes and businesses were damaged by the June 20 flood in northwestern Wisconsin and northeastern Minnesota.