Wilson Asks U.S. to Offer Loans for Quake Victims
Gov. Wilson on Wednesday asked the federal government to offer low-interest loans to homeowners, businesses and tenants who suffered damage in the June 28 Sierra Madre earthquake.
The loans, which would be made available through the U.S. Small Business Administration, would give each recipient up to $100,000 for house repairs, and up to $20,000 to replace or repair personal property, such as furniture. Interest payments would be either 4% or 8%, depending on what the applicant could afford.
The 5.8 temblor caused more than $40 million in damage, mostly in the West San Gabriel Valley, and local officials said the number will grow as more residents call in to report losses. Last Friday, the governor declared a state of emergency in Los Angeles County, clearing the way for low-interest state loans to home and business owners. Wilson may ask for a federal disaster declaration, which would free up more funds.
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