SBA disaster assistance - Posted by phil hedgepeth

Posted by Bert G on December 24, 1999 at 21:52:26:

I’m a veteran of the 1997 Grand Forks, ND flood. SBA gave me enough to fix my home and rentals - - almost. Had to load up credit cards to put the finishing touches, like carpet and paint.

My 4-plex had been throwing off a tidy cash flow before. What with vacancies during repair etc I wound up with -cf for most of a year. And even with raising the rents the extra just about covers the payment on the SBA loan. Some people have suggested refinancing to pay that off, but its only 4%, so that wouldn’t make sense.

I know I haven’t given you any answes, but at least you know you’re not the only one.

Lets hope the next 1000 years will be an improvement.


SBA disaster assistance - Posted by phil hedgepeth

Posted by phil hedgepeth on December 24, 1999 at 12:53:51:

I live in an area devistated by the recent flood. Sustained quite a bit of damage to rental property and have been able to get loan assistance from the SBA for repairs. Problem is as with many home owners in the area, how can one be expected to repay another loan. The restrictions on the SBA loan will not allow you to use some of the money to pay off other short term debt which could give you the cash flow to repay the SBA loan. Without the loan, you cant make the needed repairs. Anyone else out there having knowledge/experience with this type situation?