Representative Kathy Castor (D-FL) has introduced legislation expanding access to Small Business Administration (SBA) loans, making rebuilding efforts cheaper.
For additional context, the SBA currently offers low-interest disaster recovery loans that can be increased by 20% to invest in mitigating future natural disasters, such as making buildings more resilient.
Rep. Castor's Rebuild and Save Act increases the disaster mitigation assistance cap to 30%, increasing access to the loan and allowing more money to be spent on preventing future damage.
In her press release, Rep. Castor said, "Families across the Tampa Bay area who are rebuilding or replacing their homes due to hurricanes and floods need more resources to rebuild in a stronger and smarter way – and to avoid costly damage in the future."
She also described how talking with constituents inspired her to push for greater access to SBA loans, commenting, "I want to help homeowners while saving taxpayer dollars in the long run by reducing repetitive losses. Every $1 invested in mitigation saves $6 in future disaster recovery costs. Raising the cap will empower families and small businesses to rebuild better, decreasing future dependence on emergency relief."
As a result, the Florida Congresswoman concluded, "The Rebuild & Save Act is the direct result of on-the-ground feedback I heard from my neighbors while responding to the monster storms. This common-sense legislation will make families and businesses stronger in the face of future disasters. I urge my colleagues in Congress to support this critical legislation and ensure our communities have the resources they need to rebuild and be prepared."
Castor has fought hard for government assistance to rebuild the Tampa Bay Area after the recent hurricanes. At the beginning of January, she demanded Harbor Bay, the housing community on MacDill Air Force Base, and its building contractor, the Michaels Organization, improve their services to residents after evidence of inadequate and delayed responses were revealed in the wake of the storms.
Near the end of the month, Castor secured a grant to rebuild the community's Tinker PreK-8 School.
