The Small Business Administration has announced it will loan $3.3 billion to help cover uninsured homeowners and businesses affect by Hurricane Harvey. According to Robert Hunter, Consumer Federation of America director of insurance, the “hurricane is expected to cause flood damage of at least $35 billion.” Interestingly enough, this estimate is right about the same level as Hurricane Katrina with a major difference. While most Louisiana homeowners had flood insurance at the time of Katrina, Houston citizens were not as lucky.
According “to an article by Bernard Condon and Ken Sweet for USA Today,” about 20% of businesses and homeowners hit by Harvey had flood insurance. “The Small Business Administration, according to the article, is ready to process 100,000 applications in 30 days. To apply for a loan from the SBA, check here.”
Linda McMahon, the SBA administrator, said the agency has $3.3 billion in disaster loan funds to cover uninsured homeowners and businesses. The SBA is adding more loan processors at its Fort Worth office to handle incoming loan applications.
“The goal is to always do this as efficiently and effectively and timely as possible, but if you’re out of your home or you’re out of your business, nothing is ever fast enough.” McMahon said at a news conference Thursday at an office south of DFW Airport in Fort Worth. “We’d just like to assure those folks who are reaching out to us that we will do everything we can possible to expedite what we can to help you get back to the most normal way of life.”