In a timely program, Phil Walls spoke at the November 5 meeting about the SBA Disaster Loans Program. Phil is in the area due to the business impact of the flooding and creek problems resulting from last summer's Pocket Fire. However in light of last weekend's flooding he expanded the scope of the presentation to include SBA loans for individuals, whose homes were impacted by Oak Creek and Verde River flooding.
SBA loans are offered at much lower interest rates than those from traditional lenders, who need to build a company profit into the income from loan repayment.
Over the Nov. 1 weekend many homes as well as businesses were impacted by flooding. Phil indicated that it will take a couple of weeks to have that area of impact recognized as a disaster area, but when it is, then a below market rate loan program will be available to individuals to repair or replace damaged homes.