More than $22 million in loans approved for Indiana flood victims

The Small Business Administration approved more than $22 million for Indiana flood victims as of Thursday, said Richard Daigle, communications specialist for SBA. That number is increasing everyday, he said.

“(SBA) is a very powerful financial tool to help people build back and recover from a disaster,” Daigle said.

SBA is a federal agency that partners with the Federal Emergency Management Agency to help people recover from natural disasters. SBA offers low-interest loans to homeowners, renters and small-business owners. Interest rates for SBA loans are about 2.6 percent, Daigle said.

Applicants who are not approved for a loan are referred back to FEMA and will be eligible for additional grant assistance, Daigle said.

Many people assume SBA is just for small business owners, but this is not the case, Daigle said.

If someone registered with FEMA, they received a packet and with an SBA loan application.

“Many people have the application in hand,” Daigle said. “It’s crucial for them to fill it out and get it back to us.”

The deadline to register is Aug. 11, Daigle said.

If people are having trouble filling out the application they can go to a disaster recovery center and get help. SBA representatives are at disaster recovery centers in Martinsville and Columbus, Ind., and an be reached by phone at 1-800-659-2955.