Jim Donelon cites limited options if flooded Louisiana property has no flood insurance


FEMA those people who would apply for
Fema for because of the flood damage that doesn’t necessarily cover
say the repair of their property due to flood damage am I correct that’s
correct, the flood in March resulted in 5,000 policies–I’m sorry– claims
being filed by policyholders of the national flood insurance program with an
average payment of fifty-three thousand dollars for each of those
claims the maximum award eligible that a citizen is eligible for whose
uninsured or underinsured for flood is 33,000 and for that March event i’m told the
average assistance came in at around seventy three hundred dollars so you can
see there’s a great difference between the average damage in the average
assistance that’s available for uninsured or underinsured property having said that I do believe and again
this is not in my my jurisdiction under my jurisdiction but my information is
that most everybody will qualify for an SBA loan to make to finance their short
falls–the tragedy and involved in that is although it’s done on a long-term
basis and a very favorable interest rate maybe two percent making it a affordable
second mortgage on your home that sucks all of the the equity out of what is
typically the the biggest asset of a family has in in America and the that’s
what that’s a a tragedy in and of itself right and of course he’s
theoretically you can qualify but you still have to go through the standards for sba so if
you don’t have say the the borrowing power then you’re not going to be able to obtain that vehicle of funding is that right? i hear you my understanding is that these standards are not as stringent as
they are for a walk-in loan applicant but i’m not expert in that it
in that area sure

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