People impacted by the November 17th tornadoes are being encouraged to register with the Small Business Administration in addition to FEMA. Ray Harbour is with the S-B-A. She says the agency gives low interest loans to people up to 200-thousand-dollars for property loss and 40-thousand for personal property. Harbour says businesses and nonprofits also qualify for up to two-million dollars. She says in this stage most people are unsure how everything is going to happen and that's why they should apply:
"Register with FEMA, apply for these loans, and then if it turns out their insurance is going to cover everything, they don't have to take the loan. But the loan deadline is January 27th, so what we want to do is encourage everyone to go ahead an apply and then give themselves the option."
People are directed to the Small Business Administration application when they apply with FEMA. That registration number is necessary to complete the S-B-A application. Harbour says they have interest rates as low as two-and-a-quarter percent for up to 30 years.
Support Your Public Radio Station