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Anybody familiar with the SBA hurricane related loans
Posted on 10/28/24 at 8:23 pm
Posted on 10/28/24 at 8:23 pm
Just curious if anyone has applied or even following whether congress will appropriate more funds for the low interest loans for storm damage. Or is it unlikely. The only article I pulled up was Mike Johnson saying he felt sure they’d get something passed shortly following the election
4
Posted on 10/29/24 at 8:56 am to Chorizo chang
I took out a SBA loan in 2016 after the floods around BR. They approved me for something like 100K, but I only took 25K. If it was 25k and under they did not put a lien on the house. I think it's 1.5% over like 20 years. Basically seemed like free money and greatly helped us in the rebuild.
This post was edited on 10/29/24 at 9:01 am
Posted on 10/29/24 at 2:25 pm to Chorizo chang
Posted on 10/29/24 at 3:18 pm to Chorizo chang
The SBA pushes those loans on folks who can pay them back as I’m sure they will roll out a disaster recovery program with free fed $$$. The thing is if you take the loan, you may not be able to get the free fed $$$.
Posted on 10/29/24 at 11:18 pm to TJack
I thought Garrett Graves helped address the issue with SBA loan recipients not being eligible for grants/other benefits.
This post was edited on 10/29/24 at 11:19 pm
Posted on 10/30/24 at 3:48 am to Chorizo chang
I took two of these out after investment properties were damaged in Florida about 7 years ago. A lot of hoops to jump through to get approved. They will only approve you for the amount that covers damage. Justifying the damage, and agreeing on replacement costs can be a pain. Their website for payments can be a pain in the arse. There is a lien on the home for the duration of the loan. The interest rates were extremely nice for borrowing money.
I did run into a situation where I took the loans out prior to getting insurance reimbursement. I didn’t want to wait for insurance to get things fixed. When I did collect the insurance SBA did come in and take that money and apply it to the loans. I didn’t think they would catch it and I thought I might have a double dip situation but they did indeed catch it on at least one property.
I did run into a situation where I took the loans out prior to getting insurance reimbursement. I didn’t want to wait for insurance to get things fixed. When I did collect the insurance SBA did come in and take that money and apply it to the loans. I didn’t think they would catch it and I thought I might have a double dip situation but they did indeed catch it on at least one property.
Posted on 10/30/24 at 10:07 am to Motownsix
quote:
they did indeed catch it on at least one property.
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