Home Correctional service Low-interest government loans available for Deep East Texans recovering from storms

Low-interest government loans available for Deep East Texans recovering from storms

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CUSHING, Texas (KTRE) – The tornado hit the community of Cushing on March 21, damaging and destroying businesses and homes. SBA public information officer Barbara Nitis says there are low-interest loans for the uninsured and underinsured.

“For home loans, we offer up to $200,000,” Nitis said. “And that’s to repair or replace the physical damage. And also up to $40,000 for personal property. Anything inside the house, including your primary car and primary residence, cannot be a secondary residence. So for businesses, it’s $2 million, up to $2 million.

The SBA center is available to serve all those affected by the storm in Nacogdoches County and surrounding counties.

They cover deductibles and there are no closing costs on these loans. The center had already served five residents in its first hour of operation this morning, and Nitis says so far they were mostly homeowners.

“We have two ECSRs available for one-on-one assistance, any questions they want,” Nitis said. “The loan becomes an option at the end of the day. They don’t need to take a loan, that’s why I said see it, see what your options are, and for home loans as low as 1.43%, for businesses as low as 2.94% and for non-profit organizations it is 1.87%.

People can apply online, but the center is there to help them if they have any problems online. The Volunteer Fire Department’s SBA site will be open until May 26 and will operate from 9 a.m. to 5:30 p.m. Cushing resident Rhonda Camp was among those who came to the center to ask for a loan, and says the SBA’s convenience and hospitality for those affected by the storm in Cushing is a welcome resource.

“They’re afraid to ask,” Camp said. “A computer scares them, you know, and you’re all so helpful, and the lady who helped me was so caring. I think that’s wonderful, that’s a godsend.

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