Feds Offering Disaster Loans to Rebuild after Station Fire
Homeowners, renters and businesses can now take advantage of low interest federal loans to help rebuild or repair property lost or damaged during the Station Fire. 89 homes were destroyed along with 26 commercial properties. Of that 66 homes and five businesses sustained uninsured losses of at least 40 percent of their value, which meets the U.S. Small Business Administration's criteria to declare a disaster. "Homeowners may borrow up to $200,000 to repair or replace their primary residence, and homeowners and renters may borrow up to $40,000 to replace personal property," according to Senator Barbaa Boxer's office. "Businesses of any size and private, non-profit organizations may borrow up to $2 million to repair or replace disaster damaged or destroyed real estate, machinery and equipment, inventory and other assets. Interest rates can be as low as 2.75 percent for homeowners and renters and 4 percent for businesses with terms up to 30 years."