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Loans from Small Business Administration still available for flood victims

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By Karl Polacek

Published: Tuesday, July 30, 2013, 12:41 a.m.

The deadline is fast approaching for victims of recent flooding to apply for a loan to cover propery damage.

Sept. 16 is the last day to file for a Small Business Administration loan, which would cover property damage from flooding in Fayette County and surrounding areas between June 27 and July 12. For economic injury applications, the deadline is April 16, 2014.

It previously was reported that July 30 was the last day. However, Tuesday is the last day to seek help at the terminal building at the Joseph A. Hardy Connellsville Airport , 988 Sky Drive, Lemont Furnace.

Applicants may apply online using the Electronic Loan Application (ELA) via SBA's secure website at https://disasterloan.sba.gov/ela.

Individuals and businesses unable to visit one of the centers may obtain information and loan applications by calling the SBA's Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by emailing disastercustomerservice@sba.gov. Loan applications can also be downloaded at www.sba.gov.

Completed applications should be returned to one of the centers or mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

Two classes of loans are available. Loans of as much as $200,000 are available to repair or replace damaged or destroyed real estate. Homeowners and renters can borrow as much as $40,000 to repair or replace damaged or destroyed personal property.

Businesses and nonprofit organizations of any size may borrow as much as $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.

Other forms of aid are available.

Interest rates are as low as 1.875 percent for homeowners and renters, 2.875 percent for nonprofit organizations and 4 percent for businesses, with terms as long as 30 years. Loan amounts and terms are set by the SBA and are based on each applicant's financial condition.

Karl Polacek is a staff writer for Trib Total Media. He can be reached at kpolacek@tribweb.com or 724-626-3538.

 

 
 


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