Hoosiers who have been approved for disaster assistance from the late-March tornadoes through the U.S. Small Business Administration still have time to increase their loan amounts to help minimize future damages.
According to the agency, Indiana residents and businesses approved for disaster loans due to severe storms, straight-line winds and tornadoes on March 31 and April 1st, have two years from the date of their loan approval to request an increase to prevent or minimize damages from similar disasters in the future. Mitigation funds from the SBA are a way for survivors to rebuild stronger and to pay for improvements that protect life and property.
Businesses and homeowners may be eligible for a loan increase up to 20 percent of their physical damages, as verified by the agency, to cover the cost of mitigation improvements.
Examples of mitigation improvements may include hurricane-rated garage doors, hurricane shutters, or pressure-rated windows. Also, mitigation can be used to install a safe room or storm shelter built to Federal Emergency Management Agency guidelines.
For more information you can call 800-659-2955 or visit sba.gov/mitigation.