Credit: Flood victims get cheap loans from SAB
Flood victims are primarily struggling with fears: first with the fear for their own lives and that of their relatives, later in the face of the damage with the fear of financial ruin. And this is quite justified, because so-called elemental damage, such as those caused by flooding and flood, are not included in any classic home contents insurance. If you want to hedge against this, you can only do so through your own policy. But even this is hardly possible in traditional flood zones.
To help flood victims quickly and unbureaucratically, the Sächsische Aufbaubank now offers loans for all concerned on particularly favorable terms . Up to 50,000 euros loan amount are possible according to information of the Saxon state government, for each child a further increase of 35,000 euros . Creditors can take advantage of SAB’s expanded range of advisory services. By the end of 2010, however, the loan application to the Saxon Development Bank must be made at the latest.
Above all, the money should be used to renovate or repair destroyed houses or apartments, provided the damage can not be covered by insurance or financed by donations. Loans are not only possible for individuals, but also for municipalities, here, however, in the amount of up to 5 million euros. Self-employed persons and companies can use the liquidity assistance of the Free State for the regulation of flood damages. These loans are also processed via the SAB.