Guinn asks SBA to assist flood victims with loans

Tuesday, Sept. 2, 2003 | 9:47 a.m.

Gov. Kenny Guinn said he is asking the Small Business Administration to provide low-interest loans to Las Vegas families whose homes were damaged in a flash flood on Aug. 19.

While the flooding resulted in more than $1 million damages to public roads and other facilities, homeowners suffered the most damage, Guinn said on Friday.

The governor formally requested a Small Business Administration administrative declaration.

The SBA provides low interest loans to disaster victims to assist them in recovery.

SBA staff will work with state and local officials to complete a full assessment of total damages, leading to eligibility for individual disaster assistance.

Rep. Shelley Berkley, D-Nev., sent a letter to SBA Administrator Hector Barreto on Friday, urging the agency to expedite low-interest loans to local residents.

In order to qualify for the loans, SBA has to find that 25 homes and businesses in a region have damages equal to 40 percent of their fair market value.

"Initial estimates indicate that 183 households and 80 businesses were affected during the storm," Berkley said. "These individuals are in dire need of some assistance in putting their households, businesses and lives back together."