Federal government to open Ocala office to help locals apply for tornado-damage loans
The federal government is offering low-interest loans to help the owners of homes and businesses who were impacted by a tornado that ripped through Marion County last month.
Affected areas that qualify for the loans are Marion, Alachua, Citrus, Lake, Levy, Putnam, Sumter and Volusia counties.
On March 12, an EF-1 tornado with winds around 110 mph tore through parts of Ocala, causing approximately $15 million in damages.
Among the residential areas hardest hit by the twister was the Saddleworth Green apartment complex, at 2901 SW 41st St. in Ocala. Extensive damage was also found at El Dorado, a gated community less than two miles from Saddleworth Green.
Storm hits: Strong storm, possible tornado rocks SW Marion; buildings and vehicles damaged off SR 200 in Ocala
More: Marion County storm was EF-1 tornado with 110 mph winds causing over $12 million in damage
Touch down: Suspected tornado touches down in SW Ocala Saturday
While there were no reported injuries, the storm destroyed businesses, homes, vehicles, and caused downed trees and power lines.
The tornado’s path began near Dunnellon and traveled east, ending 5 miles east of Ocala. Its maximum sustained wind speed was 110 mph, and its width was 65 yards. The storm traveled 26 miles at 50 to 60 mph, making it "a fast-moving tornado,” a meteorologist said.
Florida businesses and residents affected by the tornado can apply for disaster loans through the U.S. Small Business Administration, SBA Administrator Isabella Casillas Guzman announced Friday.
The SBA will also open a Disaster Loan Outreach Center beginning on Monday at the Ocala Public Library, located at 2720 E. Silver Spring Blvd. The office will be open the first day from 11 a.m. to 6 p.m. before resuming regular office hours from 9 a.m. to 6 p.m. Monday through Friday.
The office will close permanently on April 16.
People can also apply online on the SBA’s website at DisasterLoanAssistance.sba.gov/ela/s and should apply under SBA declaration number 17379.
Loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate, said Kem Fleming, director of SBA’s field operations center, in a prepared statement.
Homeowners and renters are also eligible for loans up to $40,000 to repair or replace damaged or destroyed personal property, Fleming added.
Some Improvements allowed under the loan can include a safe room or storm shelter, drains, or retaining walls to help protect property and occupants from future damage caused by a similar storm.
“Businesses and private nonprofit organizations may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets,” said SBA’s North Florida District Director Jon “Malcolm” Richards in a news release.
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations, the SBA also offers Economic Injury Disaster Loans (EIDL) to help meet working capital needs, regardless of whether the business suffered any physical property damage.
Interest rates are as low as 2.94% for businesses, 1.875% for nonprofit organizations, and 1.438% for homeowners and renters, with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.
This article originally appeared on The Gainesville Sun: Tornado-damage loans available for Marion, Alachua county residents
