OH 16000 - Mahoning and Surrounding Counties Now Eligible for Disaster Loans; SBA Approves Over $5 Million for Ohio Businesses and Residents

ATLANTA –

The U.S. Small Business Administration has added Mahoning and the surrounding counties to the disaster declaration in Ohio for businesses and residents affected by the Severe Storms, straight-line winds, tornadoes, flooding and landslides on May 27–29, 2019.  To date, SBA has approved over $5.3 million in low-interest disaster loans for Ohioans.

The disaster declaration covers Auglaize, Darke, Greene, Hocking, Mercer, Miami,

Mahoning

, Montgomery, Muskingum, Perry and Pickaway counties in

Ohio

which are eligible for both Physical and Economic Injury Disaster Loans from the SBA.  Small businesses and most private nonprofit organizations in the following adjacent counties are eligible to apply only for SBA Economic Injury Disaster Loans: Allen, Athens, Butler, Champaign, Clark, Clinton,

Columbiana,

Coshocton, Fairfield, Fayette, Franklin, Guernsey, Hardin, Licking, Logan, Madison, Morgan, Noble,

Portage

, Preble, Ross, Shelby,

Stark

,

Trumbull

, Van Wert, Vinton and Warren in

Ohio;

and Adams, Jay, Randolph and Wayne in

Indiana; Lawrence

and

Mercer

in

Pennsylvania.

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.  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.

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 nonprofit organizations and

1.938

percent for homeowners and renters with terms up to 30 years.  Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.

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.

Applicants may apply online using the Electronic Loan Application (ELA) via the SBA’s secure website at

DisasterLoan.sba.gov

.

To be considered for all forms of disaster assistance, applicants should register online at

DisasterAssistance.gov

or download the FEMA mobile app. 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.

Additional details on the locations of Disaster Recovery Centers and the loan application process can be obtained by calling the SBA 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

.

The filing deadline to return applications for physical property damage is

Aug. 19, 2019

.  The deadline to return economic injury applications is

March 18, 2020

.

About the U.S. Small Business Administration



The U.S. Small Business Administration makes the American dream of business ownership a reality. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit

www.sba.gov

.