ATLANTA –The U. S. Small Business Administration (SBA) has approved over $47 million in low-interest disaster loans for businesses and residents in West Virginia affected by the severe storms and flooding on June 22 - 29. “SBA has approved 725 disaster loans for businesses, homeowners and renters. To maximize your disaster recovery options, you should seriously consider submitting an SBA disaster loan application for physical damage before the Sept. 7, 2016 deadline ” said Frank Skaggs, director of SBA’s Field Operations Center East in Atlanta.
Submitting an SBA disaster loan application helps to ensure that you take advantage of the federal programs that are available and obtain the funds needed to recover from the disaster. There is no obligation to take a loan if offered. SBA offers loan funds to help businesses of all sizes, most private nonprofit organizations, homeowners and renters finance the cost of repairs and replacements not covered by insurance. You do not have to wait until your insurance is settled.
Interest rates are as low as 4 percent for businesses, 2.625 percent for private nonprofit organizations, and 1.625 percent for homeowners and renters. Loan terms can be up to 30 years. Businesses and private nonprofit organizations may borrow up to $2 million to repair or replace disaster damaged or destroyed property. 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.
SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster to small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations, the SBA offers. Economic Injury Disaster Loan assistance is available regardless of whether the business suffered any physical property damage.
Applicants may be eligible for a loan amount increase up to 20 percent of their physical damages, as verified by the SBA for mitigation purposes. Examples of improvements include structural elevation, relocating utilities, building retaining walls, installing sump pumps, etc. Eligible mitigation improvements may now include a safe room or storm shelter to help protect property and occupants from future damage caused by a similar disaster.
To be considered for all forms of disaster assistance, applicants should register with FEMA online at www.DisasterAssistance.gov or by mobile device at m.fema.gov . If online or mobile access is unavailable, applicants should call the FEMA toll-free Helpline at 800-621-3362. Those who use 711-Relay or Video Relay Services should call 800-621-3362 (800-462-7585 TTY).
Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at https://disasterloan.sba.gov/ela .
Disaster loan information and application forms may also be obtained by calling the SBA’s Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an email to disastercustomerservice@sba.gov . Loan applications can be downloaded from www.sba.gov /disaster .Completed applications can be returned to a recovery center or mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The filing deadline to return applications for physical property damage is Sept. 7, 2016 . The deadline to return economic injury applications is March 27, 2017 .
ATLANTA –The U. S. Small Business Administration (SBA) has approved over $47 million in low-interest disaster loans for businesses and residents in West Virginia affected by the severe storms and flooding on June 22 - 29. “SBA has approved 725 disaster loans for businesses, homeowners and renters. To maximize your disaster recovery options, you should seriously consider submitting an SBA disaster loan application for physical damage before the Sept. 7, 2016 deadline ” said Frank Skaggs, director of SBA’s Field Operations Center East in Atlanta.
ATLANTA Sept. 7, 2016 deadline
Submitting an SBA disaster loan application helps to ensure that you take advantage of the federal programs that are available and obtain the funds needed to recover from the disaster. There is no obligation to take a loan if offered. SBA offers loan funds to help businesses of all sizes, most private nonprofit organizations, homeowners and renters finance the cost of repairs and replacements not covered by insurance. You do not have to wait until your insurance is settled.
Interest rates are as low as 4 percent for businesses, 2.625 percent for private nonprofit organizations, and 1.625 percent for homeowners and renters. Loan terms can be up to 30 years. Businesses and private nonprofit organizations may borrow up to $2 million to repair or replace disaster damaged or destroyed property. 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.
SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster to small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations, the SBA offers. Economic Injury Disaster Loan assistance is available regardless of whether the business suffered any physical property damage.
Applicants may be eligible for a loan amount increase up to 20 percent of their physical damages, as verified by the SBA for mitigation purposes. Examples of improvements include structural elevation, relocating utilities, building retaining walls, installing sump pumps, etc. Eligible mitigation improvements may now include a safe room or storm shelter to help protect property and occupants from future damage caused by a similar disaster.
To be considered for all forms of disaster assistance, applicants should register with FEMA online at www.DisasterAssistance.gov or by mobile device at m.fema.gov . If online or mobile access is unavailable, applicants should call the FEMA toll-free Helpline at 800-621-3362. Those who use 711-Relay or Video Relay Services should call 800-621-3362 (800-462-7585 TTY).
Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at https://disasterloan.sba.gov/ela .
Disaster loan information and application forms may also be obtained by calling the SBA’s Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an email to disastercustomerservice@sba.gov . Loan applications can be downloaded from www.sba.gov /disaster .Completed applications can be returned to a recovery center or mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The filing deadline to return applications for physical property damage is Sept. 7, 2016 . The deadline to return economic injury applications is March 27, 2017 .
Sept. 7, 2016 March 27, 2017