SBA's Deadline to Apply for Disaster Loans is October 1617 September 2006
The U.S. Small Business Administration (SBA) is reminding homeowners, renters and businesses that one month remains to submit disaster loan applications for damage caused by the severe storms and flooding that occurred on June 25-30, 2006. The deadline to file an application for physical damage is October 16, 2006. Homeowners, renters, non-profit organizations and businesses that sustained physical damage in the cities of Alexandria, Fairfax and Falls Church and counties of Arlington, Fairfax and Loudoun, and Prince William in the Commonwealth of Virginia, the District of Columbia and Charles, Montgomery and Prince George's counties in the State of Maryland are eligible to apply.
SBA offers loans up to $200,000 to repair disaster damaged primary residences. Homeowners and renters are eligible for loans up to $40,000 to replace personal property such as furniture, appliances and clothing. Loans to businesses of all sizes and non-profit organizations are available up to $1.5 million to repair damage to real estate, machinery, equipment and inventory. Economic Injury Disaster Loans (EIDLs) are also available to small businesses unable to pay bills or meet operating expenses because of the disaster.
Interest rates can be as low as 2.937 percent for homeowners and renters and 4.000 percent for businesses with terms up to 30 years. Loan amounts and terms are set by SBA and are based upon each applicant's financial condition.
Additionally, disaster victims with insurance should not wait for a settlement before applying to SBA. If a victim does not know how much of their loss will be covered by insurance or other sources, SBA will consider making a loan for the total loss up to its loan limits, provided the borrower agrees to use insurance proceeds to reduce or repay their SBA loan.
SBA also offers mitigation funds to disaster victims that have approved physical loans. SBA mitigation funds are designed to help borrowers fund protective measures to prevent damages of the same kind from recurring in the future. To help fund these protective measures, borrowers may request an additional 20 percent of their approved loan amount.
Applications and program information remain available by calling the SBA's Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the hearing impaired), Monday through Saturday from 8 a.m. until 9 p.m. EDT. Business loan applications can also be downloaded from the SBA website at http://www.sba.gov/disaster. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Ft. Worth, TX. 76155.
The application deadline for physical damage is October 16, 2006; the deadline for economic injury applications is May 17, 2007.
For more information about the SBA's Disaster Loan Programs, visit our website at http://www.sba.gov/disaster.
Source: prnewswire
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