Low-interest loans available for Ruidoso residents

RUIDOSO, N.M. (KRQE) – The federal government is helping victims of the fires and floods in Ruidoso rebuild with some extra cash. Low-interest loans are now available for anyone who’s home or business has been impacted by the recent natural disasters.

Earlier this month, the president signed a major disaster declaration , making low-interest federal disaster loans available for people to get financial assistance.

“We can offer a homeowner up to $500,000 to repair or replace their existing primary residence. We can also help homeowners and renters with up to a $100,000 to replace personal property including cars,” said Public Information Office Cynthia Cowell with the U.S. Small Business Administration.

Cynthia Cowell said the loans apply to any damage caused by the fires and also the recent floods in Lincoln County and the Mescalero Apache Tribe. Businesses affected can receive up to $2 million for physical damages.

She adds that businesses that didn’t have physical damage, but their capital was restricted due to the fires and floods can also apply. Cowell said they’re also offering mitigation funds to help people rebuild their property with upgrades that will protect it from future natural disasters.

“Everybody who works for SBA is a part of a community in some place, and we’ve come in from all over the country because we want to see Ruidoso and Lincoln County and the Mescalero Tribe recover as much as they can,” explained Cowell.

SBA stated people can start applying now. Loans are on a first-come, first-serve basis and can take three to six weeks to process. Cowell said if someone applies and is approved, but later changes their mind, they can cancel the loan without penalties.

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“We want to work with people, and it is our goal to approve as many loans as possible, so we will work with people to help them to recover,” stated Cowell.

People interested in applying can visit the disaster recovery centers in Roswell and in Ruidoso. If you’d like to call or apply online , click here.

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