FEMA approves over $294 Million in loans for Puerto Rico towns
GUAYNABO, Puerto Rico – FEMA’s Community Disaster Loan Program has approved more than $294 million for 75 municipalities throughout Puerto Rico.
FEMA recently approved two municipalities for loans totaling $5.4 million.
- Hormigueros was approved for $2.8 million.
- Las Marías was approved for $2.6 million.
Community Disaster Loans are provided to local governments that suffered a substantial loss of tax and other revenues as a result of a disaster and can demonstrate a need for federal financial assistance to perform critical functions. Examples include expenses for fire and police departments and teachers.
In May, FEMA announced 20 municipalities as the first to be approved for loans. These were followed by 31 additional municipalities announced in July, 11 more municipalities announced in September and another 11 municipalities announced in October.
“Loan applications are pending for additional municipalities to help with their essential functions,” FEMA said.