The mile-wide tornado that tore through Moore, Oklahoma, yesterday caused widespread devastation to homes, schools, and businesses in addition to leaving tens of thousands without power and killing more than 20 people.
As recovery begins, small businesses in and around the affected area are once again demonstrating the undying commitment to supporting their community that they’re known for around the country.
Interestingly, the Small Business Administration is also offering much-needed disaster relief for both businesses and individuals affected by the storm. Read on for details on recovery efforts underway for the residents and businesses of Moore.
Small-Business Relief for Moore Tornado Victims
People affected by yesterday’s tornado may be able to find relief from a number of sources, including…
- FEMA: President Obama promised funds from the Federal Emergency Management Administration to Moore residents shortly after the tornado struck. FEMA has been in the national spotlight frequently in recent years, as disasters such as Hurricane Katrina and Hurricane Sandy left millions of Americans in need of large-scale assistance to return their lives to normal.
- The SBA: While the Small Business Administration is perhaps best-known for providing loans and grants to the small businesses in the United States, it also offers lesser-known services in the event of natural disasters – even to those who don’t own businesses. Here’s the deal: homeowners may be able to qualify for loans of up to $20,000 to rebuild their primary residences, and renters may be able to obtain loans of up to $40,000 to replace property for which they didn’t carry insurance. Because the loans come from the SBA, their interest rate is likely more affordable than comparable loans would be from a bank or credit union. While payouts from an insurance agency would have come without any repayment obligation, low-interest loans may be a nice second-choice option for those without any coverage at all.
- Nearby businesses, schools, and churches: As happened after the Boston Marathon bombing, local businesses around Moore have volunteered to help people affected by the tornado. At present, several businesses, churches, and schools are serving as hubs and distribution centers for donated supplies (including water, sports drinks, and canned food) intended to help tornado victims. (View a list of where to find relief supplies.)
Our hearts go out to the victims of the Moore tornado, and the whole insureon team applauds the efforts of the businesses that have stepped up to help the community recover.