Originally Posted by Bytor Peltor
Happy to report our SBA loan has been approved.
General overview: the Small Business Administration is a source when FEMA is envoked for a disastrous area. They offer loans (not grants) to individuals to help rebuild / maintain a local economy. Basically, they want you back paying your utilities & taxes......back eating at your favorite restaurants and getting your haircut at the same place. The SBA wants that day in / day out money flowing again.
We requested and received permission for a “relocation loan.” We feel our foundation is too damaged to repair. We’ve found a home in Nederland we would like to purchase. This requires us to jump through a few extra hoops, but we’ve started the process hope to close by Thanksgiving. The fact we are staying within the same County helps. The home we are buying did not flood.
We are reviving a 30 year loan at 1.7% fixed. We hope to get $10-15k for our flood damaged property.
oh wow... i’m sorry to hear that and... congratulations!
must be so much mixed feelings with such a huge loss but also a great opportunity to start fresh. that interest rate is great!
best wishes to you and your family bytor. if you come out of this stronger and wiser and kinder the overall balance will be a huge win.