SBA Helping with Tornado Recovery in Mayflower

Published 05/02 2014 06:39PM

Updated 05/05 2014 08:31AM

MAYFLOWER, AR - Some businesses like Lumber One in Mayflower are back open. Adjusters have been surveying damage on their property across the street. It's businesses like this one the SBA (Small Business Administration) wants to help.

This goes for homeowners and renters too. SBA officials say homeowners can borrow up to $200K and the SBA can lend $2M for businesses.

They hope to have centers set up soon but right now are going door to door to reach folks. They can loan for your deductible, loan for the cost to comply with building codes and more. Loans can be approved within 21 days.

"Some folks might think I can't afford a disaster loan, I've got a loan on my house already or a business. In some cases we can refinance their existing bank loan, says William Koontz with SBA.

They work hand in hand with Fema. And this doesn't just apply to small businesses but homeowners and renters as well. They're trying to get registered before June's deadline.

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