United States disaster loans approved for Kokomo after tornadoes

If declared, the contiguous counties of Cass, Carroll, Clinton, Tipton, Grant and Miami would also qualify for the loans.

The U.S. Small Business Administration administers the federal low-interest disaster loans program. The National Weather Service also confirmed other tornadoes in Carroll, Howard, and Miami counties. “The storms that began August 24 hit many counties, and while they were more violent and caused more widespread devastation than earlier flooding, tornadoes tend to be insured, which means certain federal programs will not apply”.

Citizens can apply for loans up to $200,000.

Loans for businesses and organizations are for up to $2 million for damage fix and replacement.

Businesses and private nonprofit groups may borrow up to $2 million to fix or replace disaster-damaged or destroyed real estate, which also covers machinery and equipment, inventory and other business-related assets. Those loans are created to help meet working capital needs caused by the storms and they are available regardless of whether any damage was done to physical property.

Applicants may apply online at SBA’s secure website or call the FEMA Helpline at 800-621-3362.

For physical property damage, the deadline to apply is November 7, 2016.

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