The US Small Business Administration accepts disaster loans in person
SPRINGDALE. Ark. (KNWA/KFTA) – Charlotte Fawcett was sleeping in her trailer when the EF3 tornado ripped through Springdale on March 30.
“My motorhome started going side to side up and down, well, a tree came down through the roof and onto my shoulder,” Fawcett says.
Thankful Fawcett was not seriously injured; however, now his only hope of replacing his trailer is a disaster loan from the US Small Business Administration.
“The survivors will come. They will go through the application process. This will go to the processing and disbursement center in Fort Worth, TX and then a lost verifier will be assigned to this case. They will then estimate the cost to replace or repair that property,” says SBA’s Rick Tillery.
Tillery says when it comes to how much damage is covered, it’s on a case-by-case basis.
“Because everyone has a different insurance policy and each insurance policy is written in a different way, so we can’t estimate now what it will be like in the future,” says Tillery.
Home repair or replacement loans could be up to $200,000 and $2 million for business loans.
However, Fawcett and her friend Kristy Miller say they walked out of their candidacy meeting; they expect only a fraction to be covered.
“It may not give them the option to buy outright, but it helps, and that’s what matters,” Miller says.
The SBA says it expects to be at the Springdale Recreation Center for at least two weeks accepting applications in person. But it all depends on how much traffic they see.
Loan specialists will be there from 9:00 a.m. to 5:00 p.m. Monday to Friday and from 9:00 a.m. to 5:30 p.m. on Saturday.