Low Interest Loans Available on the Lower Eastern Shore - WBOC-TV 16, Delmarvas News Leader, FOX 21 -

Low Interest Loans Available on the Lower Eastern Shore

Posted:

CRISFIELD, Md. - For those still rebuilding from Hurricane Sandy, some extra federal help is now available. But it comes at a cost. 

The U.S. Small Business Administration is now accepting applications for low interest loans from homeowners, renters and business owners. The offer applies to Accomack County, Va., and Somerset and Worcester counties in Maryland.  For some business owners in Crisfield, that is welcoming news after all the damage they sustained.

Shaa Yaya owns Crisfield Discount Pharmacy. He lost the entire bottom shelf of inventory in his store.

"Almost about $80,000 to $90,000 worth of damage.  That includes all of the equipment, all the medications," Yaya said.

Another business owner, Geneva Riggin, said she tried to prepare her home decor shop for the worst when Sandy hit, but was still left with some damage.

"I had about 5 or 6 inches of water in here.  But I didn't lose anything because I had everything blocked up but it was a lot of work, a lot of cleanup," Riggin said.

But those business owner said that now with these loans being available, they plan to take full advantage of them.

"Low interest loan would help a lot because it would help me get back on my feet a lot quickly," Yaya said.

However, other do not believe the loans are enough.  Business owner Patty Green said more needs to be done for the people in need.

"Even the loans may not be as much help as they think they would be because they can't afford to pay for them," she said. "We need grant money."

There is no word on whether more federal aid will be available so for now, the loans are the best option.

In the qualifying counties, homeowners can apply for up to $200,000 for repairs and businesses of any size can apply for up to $2 million in loans.

As for the interest rates, homeowners and renters could see as low as 1.68 percent.  Non-profit organizations will see rates around 3 percent and businesses can expect about a 4 percent interest rate on the loans.  The terms on the loans can go up to 30 years.

All of the loan amounts and terms are to be set by the SBA and are based on each applicant's financial condition.

  • Delmarvawide NewsDelmarvawide NewsMore>>

  • Smyrna Police Investigating Hardee's Robbery

    Smyrna Police Investigating Robbery at Hardee's Restaurant

    Feb 21, 2018 9:15 PM2018-02-22 02:15:00 GMT
    Thursday, February 22 2018 7:48 AM EST2018-02-22 12:48:32 GMT
    Courtesy of the Smyrna Police Department Courtesy of the Smyrna Police Department
    Courtesy of the Smyrna Police DepartmentCourtesy of the Smyrna Police Department
    Smyrna Police are investigating a robbery at Hardee's restaurant after a man lunged over the counter to steal money from an open cash register.More
    Smyrna Police are investigating a robbery at Hardee's restaurant after a man lunged over the counter to steal money from an open cash register. More
  • Harrington Police Investigating Rise in Credit Card Fraud

    Harrington Police Investigating Rise in Credit Card Fraud

    Feb 21, 2018 7:08 PM2018-02-22 00:08:00 GMT
    Thursday, February 22 2018 7:47 AM EST2018-02-22 12:47:02 GMT
    The Harrington Police Department is warning people of a possible card skimmer at local businesses after learning of a rise in credit and debit card fraud cases Wednesday.More
    The Harrington Police Department is warning people of a possible card skimmer at local businesses after learning of a rise in credit and debit card fraud cases Wednesday. More
  • DelDOT Proposes to Realign Old Orchard Road in Lewes

    DelDOT Proposes to Realign Old Orchard Road in Lewes

    Feb 21, 2018 7:10 PM2018-02-22 00:10:00 GMT
    Thursday, February 22 2018 7:46 AM EST2018-02-22 12:46:02 GMT
    LEWES, Del.- A new DelDOT project aims to address an area that's had over 100 crashes in the past ten years. According to new design plans, DelDOT wants to realign Old Orchard Road to create a new, four-way intersection at the existing light at Savannah aMore
    A new Delaware Department of Transportation project aims to address an area that's experienced more than 100 crashes in the past decade.More
  • Most Popular StoriesMost Popular StoriesMore>>

  • Harrington Police Investigating Rise in Credit Card Fraud

    Harrington Police Investigating Rise in Credit Card Fraud

    Feb 21, 2018 7:08 PM2018-02-22 00:08:00 GMT
    Thursday, February 22 2018 7:47 AM EST2018-02-22 12:47:02 GMT
    The Harrington Police Department is warning people of a possible card skimmer at local businesses after learning of a rise in credit and debit card fraud cases Wednesday.More
    The Harrington Police Department is warning people of a possible card skimmer at local businesses after learning of a rise in credit and debit card fraud cases Wednesday. More
  • Police Make Arrest in Dover Death Investigation

    DSP Make Arrest in Dover Death Investigation

    Feb 21, 2018 5:55 AM2018-02-21 10:55:00 GMT
    Wednesday, February 21 2018 8:12 AM EST2018-02-21 13:12:34 GMT
    Malcolm A. Casson (Photo: Delaware State Police)Malcolm A. Casson (Photo: Delaware State Police)
    Delaware State Police have charged a suspect with murder in connection with the stabbing death of a man whose body was found at the rear of the John Dickinson Plantation in Dover.More
    Delaware State Police have charged a suspect with murder in connection with the stabbing death of a man whose body was found at the rear of the John Dickinson Plantation in Dover. More
  • Two Arrested on Drugs & Firearm Charges in Dover

    Two Arrested on Drugs & Firearm Charges in Dover

    Feb 21, 2018 1:35 PM2018-02-21 18:35:00 GMT
    Wednesday, February 21 2018 1:50 PM EST2018-02-21 18:50:40 GMT
    Two people were arrested after a traffic stop in Dover that revealed drugs and firearms in their vehicle.More
    Two people were arrested on drugs and firearms charges following a traffic stop in Dover, Delaware.More
Powered by Frankly

All content © Copyright 2000 - 2018 WBOC. All Rights Reserved. For more information on this site, please read our Privacy Policy, and Terms of Service, and Ad Choices