SBA loans available for earthquake damage

MAT-SU — Assistance in repairing or replacing damaged homes is available from not only Federal Emergency Management Agency and the state of Alaska, but the Small Business Administration is also offering assistance at the Disaster Recovery Center in Wasilla.

The DRC opened Monday at Christ First Methodist Church at 2635 South Old Knik Road from 9 a.m. to 7 p.m. Monday through Saturday and 10 a.m. to 2 p.m. Sunday.

“People think disaster assistance for businesses, it is for homeowners and renters as well,” SBA Office of Disaster Assistance Public Information Officer Rigoberto Gonzalez-Nossa said. “What the SBA does is provide loans for a building, creating and promoting businesses, but that lending comes from private banking. The SBA Office of Disaster Assistance primary source is Federal funding from the federal government in the form of loans available for most nonprofits, homeowners, and renters.”

The SBA is offering a preferential interest rate of 3.7 percent to business owners, and has approved over $1 million in loans to homeowners. The loan comes with a $2 million dollar maximum for repairing and replacing physical damage done to businesses during the Nov. 30, 2018, earthquake.

“A component of that business loan includes an economic injury loan, working and capital business did not directly have damage from the quake but were impacted indirectly by having to either close their doors because roads were inaccessible or because the influx of customers declined, so these businesses had economic damage,” Gonzalez-Nossa said.

The cap to loans for homeowners from the SBA is at $200,000, but loans extend to damages done to vehicles. Homeowners will receive a 2 percent interest rate on loans through the SBA, and the deadline for applications for the economic injury loan is Nov. 1.

Applicants for disaster assistance should have the following information on hand: Social Security number, address of the damaged primary residence, description of the damage, information about insurance coverage, a current phone number, a mailing address, and bank account number for direct deposit.

Contact Frontiersman reporter Tim Rockey at tim.rockey@frontiersman.com.

For information:

www.sba.gov/disaster

DisasterCustomerService@sba.gov

Customer Service Center 800-659-2995

TTY users 800-877-8339