Starting next week, the Disaster Recovery Center that’s been operating in Juneau’s Mendenhall Valley Public Library since October will start to focus solely on the distribution of Small Business Administration Loans. They’re generally larger and somewhat more flexible than FEMA grants, and you have more time to spend the money.
Alaska’s state office of emergency management, and their federal counterparts at the Federal Emergency Management Agency , are almost finished doling out disaster aid grants for those affected by August’sSo starting on Tuesday, Dec. 17, the Disaster Recovery Center that’s been operating in Juneau’s Mendenhall Valley Public Library
Claudia Anderson, a public information officer with the U.S. Small Business Administration, says flood victims should go to FEMA first, but there’s more federal money available for homeowners or businesses that still have repair work to do. State or FEMA disaster grants don’t have to be paid back at all, but interest rates for small business administration loans are still considered very good. They can be as low as 2.813% over a 30-year term for homeowners. For businesses, they typically hover around 4% and for non-profits, around 3.25%. Interest won’t accrue until 12 months after the loan disbursement.
Another advantage of these loans is that they can be used to pay for measures to protect a home from future floods,Anderson said these loans are also flexible. When the Small Business Administration makes its offer, homeowners can take it or leave it for later on.
Fema Mendenhall Valley Public Library U.S. Small Business Administration
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