Small Business Administration Offering Low Interest Disaster Relief Loans in La Paz and Mohave Counties for Home, Business Repairs

Tucson, AZ – February 4, 2011 – (RealEstateRama) — The federal Small Business Administration (SBA) today announced that it will offer loans of up to $2 million to businesses and non-profit organizations to replace or repair property and equipment damaged in recent winter storms. The agency will also offer loans of up to $200,000 to homeowners to repair damaged real estate and up to $40,000 to homeowners and renters to repair or replace personal property.

The loans are available because SBA declared a disaster area covering parts of Arizona, California and Nevada after California’s request for a major disaster declaration was denied. Interest rates will start at 2.25 percent for homeowners and renters, 3 percent for non-profit organizations and 4 percent for businesses for loans of up to 30 years. Exact terms will depend on an SBA analysis of each applicant’s finances.

Applicants can learn more in person at the Mohave County Disaster Loan Outreach Center at 630 N. Highway 91 in Littlefield, Ariz. The office will be open Feb. 15-17 from 8 a.m. to 4 p.m. More information about loan applications is available at http://www.sba.gov/services/disasterassistance.

Disaster loan information and application forms are also available from SBA’s customer service center at (800) 659-2955 or by mailing disastercustomerservice (at) sba (dot) gov. Hearing impaired individuals can call (800) 877-8339.