The U.S. Small Business Administration has extended of the deadline to apply for low-interest disaster loans for the May 27 – May 29 severe storms, straight-line winds, tornadoes, flooding and landslides. Ohio businesses and disaster survivors now have until Sept. 3, 2019 to apply for their physical damage losses.
For those reluctant to file an SBA disaster loan application, SBA’s Customer Service Representatives are available at every Recovery Center to help with the process, and answer questions. Businesses can receive free assistance with reconstructing financial records, preparing financial statements and submitting the loan application from any of SBA’s partners: Small Business Development Centers, SCORE, Women’s Business Centers, and Veterans Business Outreach Centers. Homeowners and renters unable to obtain an SBA low-interest disaster loan are referred to FEMA for grant consideration.
Businesses and private nonprofit organizations of any size may borrow up to $2 million to repair or replace disaster damaged or destroyed real estate, machinery and equipment, inventory, and other business assets. For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations, the SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic Injury Disaster Loan assistance is available regardless of whether the business suffered any physical property damage.
Disaster loans up to $200,000 are available to homeowners to repair or replace disaster damaged or destroyed real estate. Homeowners and renters are eligible up to $40,000 to repair or replace disaster damaged or destroyed personal property.
Interest rates are as low as 4 percent for businesses, 2.75 percent for private nonprofit organizations, and 1.938 percent for homeowners and renters, with terms up to 30 years. The SBA customizes loan amounts and terms based on each applicant’s circumstances.
Applicants may be eligible for a loan increase up to 20 percent of their physical damages, as verified by the SBA for mitigation purposes. Eligible mitigation improvements may include a safe room or storm shelter, sump pump, French drain or retaining wall to help protect property and occupants from future damage caused by a similar disaster.
Applicants may apply online using the Electronic Loan Application (ELA) via the SBA’s secure website at Disasterloan.sba.gov.
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