SBA opening disaster center for Westmoreland assistance

WESTMORELAND (KSNT) - The U.S. Small Business Administration (SBA) is setting up a disaster field office in Westmoreland and offering those impacted by the April 30 tornado low-interest loans.

Opening at noon on May 22, an SBA team will have customer service staff available to help homeowners, renters, business owners and private nonprofit organizations. The SBA will be offering low-term, low-interest loans funded through federal tax dollars.

Residents will be offered 2.688% interest rate loans to rebuild. Businesses can take advantage of 4% interest rates and nonprofits can get rates as low as 3.25%. Loans are being offered at 15 or 30-year terms.

For the first year after receiving the funds, loans will not accrue interest. The first payment will be due 12 months after the loan is granted. Businesses and nonprofit organizations can borrow up to $2 million to make repairs. Homeowners can apply for loans up to $500,000 for damaged real estate and are eligible for $100,000 to repair or replace property including personal vehicles.

If you've been impacted by the storm, you can visit the Disaster Loan Outreach Center at 201 West Main St. in Westmoreland. For more information, you can call the Customer Service Center at (800) 659-2955. For more information on the SBA loan process, click here.

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