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Tornado victims offered business loans
13/03/2007
Victims of the February 24th tornado in the US could be given a financial lift by the Small Business Administration (SBA), it has emerged.
The organisation has announced that business loans, as well as finance for residents, will be available to anyone in the state of Arkansas who was affected by the adverse weather conditions last month.
Businesses and not-for-profit groups can apply for loans of up to $1.5 million (£780,000), while owners of small firms are also eligible for economic injury disaster loans to compensate for capital losses caused by the storm.
These can be accessed even if a property was not damaged by the tornado.
Governor Mike Beebe said: "This declaration precludes us from appealing Fema's [Federal Emergency Management Agency's] denial of emergency assistance, but these SBA loans will provide substantive and efficient means to get our people back on their feet."
The organisation has announced that business loans, as well as finance for residents, will be available to anyone in the state of Arkansas who was affected by the adverse weather conditions last month.
Businesses and not-for-profit groups can apply for loans of up to $1.5 million (£780,000), while owners of small firms are also eligible for economic injury disaster loans to compensate for capital losses caused by the storm.
These can be accessed even if a property was not damaged by the tornado.
Governor Mike Beebe said: "This declaration precludes us from appealing Fema's [Federal Emergency Management Agency's] denial of emergency assistance, but these SBA loans will provide substantive and efficient means to get our people back on their feet."