Feds Offer Loans To Fix Revere Tornado Damage
The federal Small Business Administration is offering low-interest loans to Massachusetts residents and businesses to repair property damage from the tornado that hit Revere on July 28.
The tornado brought winds of up to 120 mph and was deemed an EF-2 on the Enhanced Fujita Scale of 0 to 5. Dozens of buildings including City Hall were damaged and more than a dozen homes were rendered uninhabitable. No injuries were reported.
The Small Business Administration is offering loans of up to $200,000 to homeowners to repair damaged real estate. Homeowners and renters also are eligible for loans of up to $40,000 to repair personal property.
Businesses and nonprofit organizations can borrow up to $2 million to fix damaged real estate.
Interest rates range from about 2.2 percent to 4 percent.