Jefferson County residents may be eligible for Federal Disaster Loans

Jefferson County residents may be eligible for Federal Disaster Loans
By: Carly O'Keefe
MT VERNON, Il. - Severe weather in July left many homes and businesses in Jefferson County looking like a disaster area. Three months later, there are still some that have not recovered.
Paul Bolling's home was insured. After the storm his insurance paid to repair his roof and fence, but he says there is still much more to fix.  "My insurance paid like $5,600 of it," said Bolling.
Bolling says he needs another $4,000 to $5,000 to repair the remaining damage.  "It ransacked the windows, each one of them, now when the wind blows you can hear 'em," said Bolling.
Bolling hopes to replace his windows before winter. He says with every gust they let the warm air out and the cold air in.  "Finance wise, we're just not able to do it all at once," said Bolling.
That's why Bolling says he plans to apply for a low-interest federal disaster loan.  "They are to help on their recovery efforts to put them back to where they were before the disaster," said Field Operations Specialist Gary Davisson of the U.S. Small Business Administration.
The U.S. Small Business Administration is offering disaster loans to Jefferson County residents and business owners affected by July's severe storms.  "The loans for home owners go up to $200,000 for real estate and $40,000 for personal property," said Davisson. "Business owners get up to $1.5 million for two separate programs for the physical losses and the economic losses caused by the disaster."
The loans have interest rates as low at 2.9 percent for 30 years and are designed to repair properties that were not insured at the time of the storm or where insurance wasn't enough to cover all of the repairs.
SBA Disaster Loan specialists will accept loan applications at Mt. Vernon City Hall starting Friday October 20, between 8 a.m. and 4 p.m. and Saturday from 9 a.m. to 1 p.m.