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SBA representative outlines low-interest disaster loan options for August storm damage
Summary
A Small Business Administration public affairs specialist briefed the council on low-interest disaster loan programs available to residents and businesses affected by August storms, including home, business physical and economic injury loans with terms described at the meeting.
Tatori Marion, a public affairs specialist with the U.S. Small Business Administration, told the Fond du Lac City Council on Sept. 24 that the SBA has a disaster recovery presence in the area after August storms and encouraged residents and businesses to apply for low-interest loans.
Marion outlined available loan types: business physical disaster loans, home disaster loans and economic injury disaster loans. She said interest rates can be as low as 3 percent, with an initial 12-month deferment on principal and interest payments and repayment terms up to 30 years at a fixed rate. Marion urged council members to help spread the word that disaster loan recovery centers are available locally for affected residents to apply and get assistance.
Council did not take action; Marion's presentation was informational and staff thanked the SBA representative for attending.
