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Congressmen Bob Etheridge, G.K. Butterfield and Walter B. Jones wrote to the U.S. Small Business Administration asking that low-interest federal loans by quickly provided for people affected by the tornado damage.
In a joint letter to SBA Acting Administrator Sandy Baruah, the three congressmen said they had no doubt everyone would pull together to rebuild the community, but it was critical that assistance be provided, particularly at a time when economic distress was making the situation worse.
"The tornados may have destroyed many homes and upended the lives of many families, but the generous and caring people of North Carolina are already stepping forward to help them put their lives back together," Butterfield said in a press release. "It's crucial that the federal government be a partner in mitigating this disaster."
If SBA designates the two counties as federal disaster areas, loans up to $200,000 would be made available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters would be eligible for up to $40,000 to repair or replace damaged or destroyed personal property.
Businesses would be able to borrow up to $1.5 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets. SBA can also lend additional funds to help with the cost of making improvements that protect, prevent or minimize the same type of disaster damage in the future.
Interest rates can be as low as 2.75 percent for homeowners and renters and 4 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.
To see more of The Wilson Daily Times or to subscribe to the newspaper, go to http://www.wilsondaily.com/. Copyright (c) 2008, The Wilson Daily Times, N.C. Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.
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