Business owners and homeowners in Kane and San Juan counties are eligible to apply for financial assistance from the Small Business Administration because of the floods July 8 through Sept. 14 this year, according to Stan Nakano, SBA director for Utah.

The disaster designation was recently approved in Washington, D.C., by SBA administrator Susan Engeleiter.Nakano said SBA offers disaster victims low interest loans to repair or replace their uninsured or underinsured disaster losses. Loans are available to homeowners for up to $100,000 to repair or replace damaged or destroyed real property and up to $20,000 to repair or replace damaged personal property.

Business owners may qualify for up to $500,000 to repair or replace damaged or destroyed real property, machinery, equipment and inventory. Small-business owners also may qualify for economic injury disaster loans to offset working capital shortfalls, which are directly attributable to the disaster.

Information and loan application forms can be obtained by writing to the SBA, P.O. Box 13795, Sacramento, CA 95853-4795. Applications for physical damage loans must be received before Dec. 21 and for economic injury loans no later than July 22, 1991.