SBA Approves Loans For Last Month's Flood Damage

Published: Tuesday, September 9, 2014 - 3:05pm
Updated: Tuesday, September 9, 2014 - 4:05pm

Governor Jan Brewer said the U.S. Small Business Administration has approved her request for a Physical Disaster Declaration after last month’s storms. 

A day after record rainfall in Phoenix, the SBA said it will provide property damage loans to business and home owners, after earlier flash floods. Last week, the governor sent a letter to the agency’s director in response to rainfall that had fallen on seven of eight straight days, between August 12 and 19. During those storms, Laveen got almost four inches of rain, while New River saw nearly seven inches.

Qualifying homeowners can get low-interest federal disaster loans of up to $200,000 to fix or replace primary homes. Businesses can get up to $2 million to fix or replace items including property, machinery, inventory and equipment.