Cherokee TV

SBA Loans Available for May 20 Storm Victims

CTV STAFF
Thursday, July 31, 2008

Cherokee Sheriff's Office Division of Emergency Management Director Robby Westbrook announced that federal disaster assistance loans are available for victims of the May 20 tornado and storm that swept through southern Cherokee County.

The Small Business Administration (SBA) recently approved disaster assistance for citizens impacted by the May 20 tornado and storm. Homeowners, renters, landlords and business owners located in these areas are now eligible to apply for low-interest disaster loan assistance.

"We appreciate our partnership with the Cherokee County Emergency Management Agency that worked tirelessly to bring aid to citizens from the day of the event and will continue to do so through this financial aid program period," said Georgia Emergency Management Agency Director Charley English.

Word of the SBA's approval of the availability of low-interest loans for victims is on the heels of the Federal Emegency Management Agency (FEMA)'s rejection of the state's second request for funding for uninsured victims and local governments recovery costs.

SBA has set up a disaster loan assistance office at the Cherokee County Recreation Center at 7545 Main Street, Suite 200, in Woodstock. The office opened July 31.

The hours of operation for the office are: Friday, August 1 from 8 a.m. to 5 p.m.; Saturday, August 2, 8 a.m. to noon; Monday, August 4-Friday, August 8, 8 a.m. to 5 p.m.; and Monday, August 11-Thursday, August 14, 8 a.m. to 5 p.m.

The filing deadline to return applications for physical property damage is September 26, 2008. The deadline to return economic injury applications is April 28, 2009.

Interest rates are as low as 2.687 percent for homeowners and renters, and four percent for businesses, with terms up to 30 years. Loan amounts and terms are set by the SBA and are based upon each applicant's financial condition.

For more information on the SBA Disaster Assistance Program, visit www.sba.gov/disaster.