SBA Offers Low Interest Loans To Tornado Victims

Home repairs are slow for tornado victim Corey Tillman.

"We definitely needed more aid than what we got," said Tillman.

He, like many others, didn't have wind insurance, so he is paying out of pocket to get his house fixed.

"A couple thousand so far. I've bought all the material. Right now I'm trying to get the roof covered and everything to have the house protected, but it will probably be a while before everything is back to normal," he tells me.

The workers are his friends, who are repairing the roof that was peeled away.

"I'm glad to be able to assist. We just about got it. It was challenging." said Leon Cooper with Guarantee painting Company.

Federal aid has been little to non-existent for tornado victims. Now the small business association is offering low interest disaster loans to people who may not have insurance, or the money to rebuild. The organization set up shop at 4851 Western Administrative Complex. Several people were hoping to cash in on a loan. Including Shaprohnia Smith.

"It's a lot of people that don't have money, don't have insurance and they lost their clothes, their houses everything and the Red Cross only does so much," said Smith.

Loans of up to 200,000 dollars are available to homeowners for property repairs and up to 40,000 dollars for homeowners and renters to repair personal property.

Interest rates are as low as 1.75 percent. It's an offer Corey Tillman says he will have to look into.

"I only have so much that can come out of pocket so I may not have any other choice," said Tillman.

Applications will be accepted at the center through next Thursday - with the exception of Sunday and Monday - to observe the Dr. Martin Luther King, Junior holiday.

You can also?apply online at sba.gov.

Source: http://www2.wkrg.com/news/2013/jan/15/sba-offers-low-interest-loans-tornado-victims-ar-5377436/

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