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<br />pleasure boats, recreational vehicles <br />and the like. <br />LOAN TERMS - Loans may be <br />made for any period up to 30 years at <br />a 5 per cent interest rate. However, <br />maturities are limited to the term <br />necessary, based upon applicant's <br />ability to repay. <br />MORTGAGE REFINANCING - <br />When the disaster damage is 30 per <br />cent or more of the pre-disaster fair <br />market value of a home, prior <br />mortgages on the damaged real estate <br />may be ~efinanced. The amount of <br />refinancing allowed cannot exceed the <br />amount of physical loss sustained, up <br /> <br />to a maximum dollar amount of <br />$50,000. <br />This amount of refinancing is in ad- <br />dition to the $55,000 maximum dis- <br />aster loan stated above. Refinancing <br />is available only when the property is <br />to be restored or replaced. <br />BUSINESS LOANS <br />PURPOSE - Loans may be for <br />repair, rehabilitation or replacement <br />of property damaged or destroyed <br />that is not covered by insurance or <br />otherwise compensated for, without <br />regard to whether the required finan- <br />cial assistance is otherwise available <br />from private sources. This covers real <br /> <br />property, machinery and equipment, <br />fixtures and inventory for businesses <br />or any size, churches, charitable and <br />non-profit institutions. <br />FINANCIAL ASSISTANCE <br />AVAILABLE - SBA may approve <br />business disaster loans up to $500,000 <br />directly, or as SBA's share of a loan in <br />participation with another lender. <br />This dollar limit includes the restora- <br />tion of real property, equipment, fur- <br />niture and fixtures, and eligible <br />refinancing. (This limit also includes <br />the working capital and operating ex- <br />pense losses of a small business, <br />resulting from the disaster, subject to <br /> <br /> <br />48 <br />