Small Business Administration Associate Administrator Francisco Snchez Jr. speaks about disaster loans during a press conference outside the Whiteland Fire Department on June 12 in Whiteland.
Daily Journal File Photo
The U.S. Small Business Administration is reminding local residents and businesses approved for disaster loans that they have two years to request an increase in the loan amount.
Indiana residents and businesses affected by severe storms, straight-line winds and tornadoes on March 31 and April 1 who applied and were approved for disaster loans have two years from the date of their loan approval to request an increase to prevent or minimize damages from similar disasters in the future, according to a SBA news release.
Mitigation funds from the SBA are an affordable way for survivors to rebuild smarter, stronger, and pay for improvements that protect life and property, officials say.
“The opportunity to include measures to help prevent future damage from occurring is a significant benefit of SBA’s disaster loan program,” SBA Associate Administrator Francisco Sanchez Jr. said in a news release. “I encourage everyone to consult their contractors and emergency management mitigation specialists for ideas and apply for an SBA disaster loan increase for funding.”
Businesses and homeowners may be eligible for a loan increase of up to 20% of their physical damages, as verified by the SBA, to cover the cost of improvements. Examples of mitigation improvements include hurricane-rated garage doors, hurricane shutters or pressure-rated windows. Mitigation can also be used to add a safe room or storm shelter built to Federal Emergency Management Agency guidelines.
To learn more about mitigation options visit sba.gov/mitigation.
For more information, call 800-659-2955 or email [email protected] and ask about increasing your SBA disaster loan for mitigation purposes.
