Homeowners along the Yukon River are still struggling to get back on their feet after severe flooding in May and June.
On Tuesday, the U.S. Small Business Administration sent a representative to Galena to show residents how to apply for federal disaster loans with low interest rates. On June 25th, President Obama declared a federal disaster for some parts of Alaska after a Gov. Parnell made a request via letter, which made funding available for emergency work and repair of public infrastructure.
SBA says loans are available for residents living along the Alaska Gateway, Lower Yukon, Yukon Flats and Yukon Koyukuk and it will help homeowners, renters and businesses apply for loans of all sizes.
Some residents say they will rely on insurance to cover the clean up and repairs, but the SBA made a pitch for the loan program.
Cynthia Cowell, a public information officer for the SBA, says it can lend up to $200,000 to make repairs to their home and relocate if necessary and $40,000 to replace personal property.
Agnes Sweetsir, who owns one of Galena's two grocery stores said her store, "Sweetsir's," received minor water damage during the flooding, but the economic impacts were huge.
"The flood has a tremendous effect on business," Sweetsir said in a Tuesday phone interview. "We are down like more than 50 percent."
Sweetsir said the disaster couldn't have come at a worse time.
For businesses, the SBA can lend up to $2 million to cover both physical damage and economic injury disasters as well.
"What happens is first they register with FEMA and FEMA looks at just their basic income and makes a determination whether to refer them back to SBA or not," Cowell said.
Cowell says 15 people have already registered with FEMA and been referred to the SBA for assistance.
"It's better to apply and have it available if you need it and not need it than it is to not apply and then in September find out that your pump is bad or something," Cowell said. "I know Alaskans are very, very self-sufficient and when they need help, they need to ask for it."
The deadline for residents to apply for physical damage is August 26th, 2013, and economic injury disaster loans is March 25, 2014.