SACRAMENTO, Calif. – Director Tanya N. Garfield of the U.S. Small Business Administration’s Disaster Field Operations Center-West announced today that SBA has approved more than $20 million in federal disaster loans for Missouri businesses and residents impacted by severe storms and flooding that occurred July 25–28, 2022. According to Garfield, SBA has approved $2,877,500 for businesses and $18,330,500 for residents to help rebuild and recover from this disaster.
“SBA’s disaster assistance employees are committed to helping businesses and residents rebuild as quickly as possible,” said Garfield. Businesses and residents in Saint Charles and Saint Louis counties, and Saint Louis City who sustained damages are encouraged to register prior to the Oct. 7, 2022, deadline with the Federal Emergency Management Agency at www.disasterassistance.gov. “Don’t miss out on any assistance you may be entitled to by not registering for help. You don’t need to wait for your insurance to settle or obtain a contractor’s estimate,” she added.
Homeowners and renters referred to SBA by FEMA should apply to SBA even if they are not sure if they will need or want a loan. If SBA cannot approve their application, in many cases SBA refers them to FEMA’s Other Needs Assistance (ONA) program for possible additional grant assistance.
SBA continues to provide one-on-one assistance to disaster loan applicants at all the federal-state Disaster Recovery Centers, SBA’s Business Recovery Center and SBA Disaster Loan Outreach Centers throughout the affected areas to explain SBA’s disaster loan program and help business owners and residents apply for a loan and close their approved disaster loans.
Applicants may apply online, receive additional disaster assistance information and download applications at https://disasterloanassistance.sba.gov/. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
Disaster loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for up to $40,000 to repair or replace damaged or destroyed personal property.
Interest rates can be as low as 2.935 percent for businesses, 1.875 percent for private nonprofit organizations and 1.688 percent for homeowners and renters with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant’s financial condition.
Businesses of all sizes and private nonprofit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets. The SBA can also lend additional funds to help business and residents with the cost of making improvements that protect, prevent or minimize the same type of disaster damage from occurring in the future.
For small businesses and most private nonprofit organizations of all sizes, SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic injury assistance is available regardless of whether the business suffered any property damage. The deadline to apply for economic injury is May 8, 2023.
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About the U.S. Small Business Administration
The U.S. Small Business Administration helps power the American dream of business ownership. 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, 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.