Small Business Administration approved 3,100 disaster relief loans, says Linda McMahon
The recent hurricanes that plowed through Florida and Texas have left many businesses and homeowners in disarray as they await assistance from the Federal government.
Small Business Administration Administrator Linda McMahon on Monday said the agency is on the ground providing disaster relief loans for home mortgages and businesses.
“We have approved already over 3,100 loans for about $268 million as of this morning. So we are getting money into the hands faster for homeowners and business owners,” McMahon told FOX Business’ Ashley Webster on ‘Varney & Co.’
The agency handles the disaster loan program which lends money to businesses and homeowners affected by natural disasters such as hurricanes and earthquakes.
McMahon said many homeowners and small businesses are optimistic in the rebuilding efforts in the wake of hurricanes Harvey and Irma.
“There are areas of Houston where Harvey came through that the floods have receded now, people really want to get back into their businesses and our goal is to get people into their homes and get those small businesses back up,” she said.
The disaster loan program offers low interest, fixed rate loans to disaster victims, enabling them to repair or replace property damaged in declared disasters.
“We are in there for the long haul. We don’t just don’t come in on the ground quick. We go in right behind FEMA, we often co-locate with FEMA. We now have about twenty district offices, business offices and about five other disaster offices on the ground already,” McMahon said.