Small Business Administration Disaster Loans

5/11/2011

The U.S. Small Business Administration is providing low interest rate loans to those who were affected by the storm disaster in our area.

Assistance to homeowners, renters, non-profit organizations, and businesses will be available. You must have filed the proper paperwork with the Federal Emergency Management Agency by June 27, 2011 to qualify.

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.

Businesses and private non-profit 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.

Economic Injury Disaster Loans for small businesses will be available to help meet working capital needs regardless of whether the business suffered any physical property damage.

Interest rates are as low as 2.563 percent for homeowners and renters; 3 percent for non-profit organizations and 4 percent for businesses with terms up to 30 years.

Loan amounts and terms are set by the SBA and are based on each applicant's financial condition.

If you are interested in applying for an SBA loan, your first step is to file with FEMA for disaster assistance. You can call FEMA at 1-800-621-3362 or file at the FEMA disaster recovery center located in the Tom Bevill Enrichment Center in Rainsville. The hours are 7AM - 7PM.

The second step is to contact the SBA Customer Service Center at 1-800-659-2955 or fill out an application on line at the SBA secure website at https://disasterloan.sba.gov/ela/.

Please help the Chamber by providing this information to others so that people can start rebuilding their lives. "Together WE Can!"