Federal disaster assistance loans of more than $7 million are available for Georgia residents and business owners harmed by storms and tornadoes two months ago, the U.S. Small Business Administration said Thursday.

"Currently, 125 home and business disaster loans have been approved in the amount of $7,228,500," according to Frank Skaggs, director of SBA field operations in Americus, where the March 1 storm destroyed a hospital and killed two area residents.

Skaggs' office said loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible up to $40,000 for property damages.

Also, businesses of any size and private non-profit organizations may borrow up to $1.5 million to repair or replace damaged or destroyed real estate, machinery, equipment, inventory and other business assets, the SBA said.

The interest rates can be as low as 2.875 percent for homeowners and renters and 4 percent for businesses for loans of up to 30 years. The SBA sets terms based on each applicant's finances.

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