Today, U.S. Senator Jerry Moran (R-Kan.) announced the U.S. Small Business Administration (SBA) has decided to offer low-interest federal disaster loans to Kansas residents and business owners affected by the April 27, 2014 tornado. SBA assistance will be available in the Kansas counties of Cherokee, Crawford and Labette.
"I am pleased the SBA quickly responded to Governor Brownback's request for federal disaster assistance following the Baxter Springs tornado," Sen. Moran said. "After witnessing the destruction of homes, businesses and infrastructure firsthand, these loans will help Kansans rebuild."
Disaster loans of up to $200,000 are available to homeowners to repair or replace real estate, and homeowners and renters are eligible for up to $40,000 to repair or replace personal property. Businesses and nonprofits may borrow up to $2 million. Interest rates are 2.188 percent for homeowners and renters; 2.625 percent for private, nonprofits; and 4 percent for businesses, with terms up to 30 years. Starting today, SBA officials will at the Baxter Springs Chamber of Commerce to meet with residents and business owners. For more information, visit www.sba.gov/disaster.