Feds offer low-interest loans for flood damage in Conn.
Received by Newsfinder from AP
Dec 23, 2005 20:21 Eastern Time
Federal low-interest loans are available to Connecticut businesses, nonprofit groups and residents coping with damage caused by flooding in October.
Losses are estimated at $42 million, with $29.6 million accounting for damage to homes.
The loans will be issued by the U.S. Small Business Administration in response to a request from Gov. M. Jodi Rell.
The flooding, which resulted from more than a week of steady rainfall, damaged 3,380 homes, according to an estimate by the Federal Emergency Management Agency.
Property owners may apply for a loan immediately. The deadline is Feb. 21.
Interest rates can be as low as 2.68 percent for homeowners and renters and 4 percent for businesses. Terms of a loan will depend on an applicant’s finances and the amount of uninsured losses.
Loans of as much as $200,000 are available to repair damaged homes and $40,000 to replace furniture, motor vehicles and other personal property damaged by flooding.
Businesses and nonprofit agencies can receive loans of as much as $1.5 million.
FEMA also will provide assistance, helping to pay for repairs to public works such as roads and bridges.
Topics Flood Connecticut
Was this article valuable?
Here are more articles you may enjoy.
Mutual Insurers Chase Rate Adequacy, Financial Strength Remains Strong: AM Best 
Canada’s Insurance Czar Has ‘Harsh’ Message About Climate: You May Have to Move 
Cards Against Humanity Sues Elon Musk’s SpaceX Over Alleged Trespassing in Texas 
Insurers End ‘Cats’ Fight 
