Nearly two months out from a Memorial Day weekend flash flood that wreaked havoc on parts of Southwest Baltimore City, Howard and Baltimore counties, the feds are offering financial aid to those whose properties were destroyed or damaged.
A release from the Mayor’s Office of Emergency Management says the low-interest loans are available thanks to funding from the U.S. Small Business Administration (SBA). Businesses and nonprofits will be allowed to borrow up to $2 million to repair buildings or machinery and replace inventory, equipment and other items. The SBA is also offering Economic Injury Disaster Loans for small businesses that need working capital, regardless of whether their properties were damaged.
Homeowners will be eligible to borrow up to $200,000 to repair or replace damaged real estate, and renters and homeowners can borrow up to $40,000 to fix or replace damaged personal property.
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