Business

More than $1M in US loans aid Granite City flood recovery

Officials in Granite City say more than $1 million in relief has been distributed to homeowners and businesses hit by August's freak flood event.

The Belleville News-Democrat reports that the city has handed out the money in low-interest, long-term loans from the U.S. Small Business Administration.

The city was inundated Aug. 11-12 by nine inches of rain which fell in three hours. It overran the city's storm sewers and filled basements and streets with foul water.

Tamim Choudhury is a public affairs specialist with the Small Business Administration. He says the SBA has received 85 home loan applications and five from businesses. The SBA has approved 32 loans for about $1.2 million. SBA consultants were scheduled to leave Granit City this week but applications will be accepted until Dec. 9.

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