One day after a request from Governor Mike Pence, the U.S. Small Business Administration has made low-interest disaster loans available for Howard and surrounding counties. Residents, businesses and certain nonprofits are eligible for the loans to help them recover from damage caused by severe storms last month.
The counties eligible for the loans include Howard, Cass, Carroll, Clinton, Tipton, Grant and Miami. Several tornadoes rolled through the area on August 24, causing heavy damage to homes and businesses.
"With the devastation seen in Howard County, we are pleased to receive the assistance provided by low-interest disaster loans," said Pence. "Kokomo has been hit hard by severe weather in recent years, and these loans will help enhance and speed up recovery from the tornadoes that hit the area in late August."
Pence’s office says businesses and private nonprofit organizations are eligible for up to $2 million to repair or replace real estate, machinery and equipment, inventory and other assets that were damaged or destroyed in the storms. Small businesses, small agricultural co-ops, businesses engaged in aquaculture and most nonprofits are also eligible for Economic Injury Disaster Loans.
Homeowners can borrow up to $200,000 to help with damage or destroyed real estate, while homeowners and renters may borrow up to $40,000 for personal property damaged or destroyed in the storms.
Applications for physical property damage are due November 7, while economic injury applications are due by June 8, 2017. You can find more information on the loans by clicking here.