IRMA: Floridians denied FEMA aid wrestle with SBA loan offer


Some Floridians in search of federal grants for residence repairs after Hurricane Irma have needed to face a troublesome choice whether or not to simply accept a low-curiosity Small Enterprise Affiliation mortgage as an alternative.

  • Floridians who did not qualify for FEMA grants pressured to show to SBA loans
  • Some, comparable to Marcia Marks, stated she did not have a lot of a selection
  • She’s a landlord who inherited 2 houses, which have been broken by Irma

Marcia Marks inherited two houses from her mom, and Irma was her first expertise recovering from a serious hurricane as a landlord.

The attention of Hurricane Irma handed over Polk County, abandoning hundreds of broken houses.

Marks stated each her houses’ roofs have been broken after Irma. With tenants dwelling inside and a excessive insurance coverage deductible for one of many houses, and no insurance coverage for the opposite, she went to a went to a Federal Emergency Administration Company Catastrophe Restoration Middle in Bartow to talk to a consultant.

“I stayed over right here Saturday for seven hours making an attempt to get assist, and eventually on the finish of the day, there was nothing they might do for me however give me a enterprise mortgage,” Marks stated.

So she returned to the middle Thursday to talk to SBA officers. She stated she wasn’t keen to join a enterprise mortgage, even when it did have an rate of interest as little as three.three %.

“I don’t (have cash stacked away). I exploit that (lease cash) to provide my house and pay my payments with,” Marks stated. “It’s not a luxurious factor that I’ve, (the place I) simply get it and set it apart for a trip and all this totally different stuff. I really need that cash,” she stated, explaining how the rental cash helps hold her household afloat.

The SBA additionally approves loans with an rate of interest of 1.seventy five % for householders and renters, so long as the house concerned is their main residence.

In line with SBA spokesman Aquinas Mackey, as of Oct. four, the administration had permitted $sixteen million in house catastrophe loans, and the numbers are continually growing.

As of Oct. three, the SBA has authorised the next in residence catastrophe loans. The highest counties accepted for house disasters loans within the Tampa Bay space have been Polk, Hillsborough and Pinellas counties:

1.

Polk

$800,000

2.

Hillsborough

$800,000

three.

Pinellas

$one hundred thirty five,000

four.

Manatee

$25,000

5.

Pasco

$ninety,000

6.

Hernando

$one hundred twenty,000

7.

Citrus

$zero

eight.

Orange

$560,000

9.

Osceola

$fifty seven,000

10.

Brevard

$360,000

eleven.

Broward

$980,000

12.

Miami-Dade

$1.8M

12.

Duval

$540,000

thirteen.

Collier

$460,000

What’s fascinating is that Polk County has half the inhabitants of Hillsborough, but the identical sum of money was accepted for loans.

SBA officers stated that candidates aren’t beneath any obligation to simply accept the mortgage if accepted. They’ve six months to determine.

Marks stated it was a troublesome choice, however she felt like she didn’t have a lot of a selection.

“I search the Lord for every little thing. I don’t … get stressed about an entire lot of issues. Wherever He leads, that’s the place I’m going. That’s how I deal with it. I simply know on the finish…



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