The U.S. Small Business Administration has set up a temporary Disaster Loan Outreach Center in Springfield to help property owners repair damage from April storms. The center, located in the Greene County Public Safety Center at 330 W. Scott St., is open from 9 a.m. to 6 p.m. for the next few weeks.

Eligibility and Loan Types

The center offers low-interest loans to homeowners, renters, businesses, and nonprofits that meet eligibility standards. The money is intended to help pay for repairs and rebuilding projects that are not covered by insurance. Three types of loans are available: home disaster loans for repairing real estate and personal property, business physical disaster loans for repairing or replacing business-owned property, and economic injury disaster loans to help businesses meet financial obligations that cannot be met because of the disaster.

Cashandra Jones, a public affairs specialist with the SBA, said that the department is the largest source of federal disaster recovery funds for recuperating losses. “The disaster loan program can be a lifeline to those impacted by disasters,” she said. “We provide low-interest, affordable loans to help cover costs of repairs and rebuilding that insurance and other sources do not cover.”

Eligibility is determined by an applicant’s credit history and repayment ability. Interest rates may be lower if an applicant has no available credit elsewhere. Rates can be as low as 2.875% for homeowners, 3.625% for nonprofits, and 4% for businesses. Physical disaster loans are available for Greene County residents until Sept. 14, and economic injury loans are also available to people in contiguous counties until April 15, 2027.

Original reporting: Springfield Daily Citizen — read the source article.