Tornado victims eligible for federal disaster loans

October 24, 1990

Baltimore County residents who suffered property losses as result of the tornado that swept through Reisterstown last Thursday are eligible to apply for loans from the federal Small Business Association.

SBA Administrator Susan Engeleiter said yesterday residents are eligible to borrow up to $100,000 to repair their primary home plus as much as $20,000 for lost or damaged personal property.

Businesses may borrow as much as $500,000.

Disaster loan funds can be used only to restore property affected by the tornado and the loan is limited to the amount not covered by insurance. Interest rates will be either 4 percent or 8 percent, depending upon the applicant's own resources.

The SBA Disaster Division will staff a temporary office at Franklin Middle School, 33 Cockeysville Mills Road, Reisterstown. It will be open weekdays beginning tomorrow through Nov. 2.

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