SBA Offers Disaster Assistance to Businesses and Residents ofIndiana Affected by Severe Storms and Flooding
Indiana businesses and residents affected by severe storms and flooding on June 18-19, 2021 can apply for low-interest disaster loans from the U.S. Small Business Administration, Administrator Isabella Casillas Guzman announced today.
Administrator Guzman made the loans available in response to a letter from Indiana Gov. Eric Holcomb on July 2, requesting a disaster declaration by the SBA. Businesses and residents in the declared area can now apply for low-interest disaster loans from the SBA. The declaration covers Jefferson and Monroe counties, and the adjacent counties of Brown, Clark, Greene, Jackson, Jennings, Lawrence, Morgan, Owen, Ripley, Scott and Switzerland in Indiana; and Carroll and Trimble in Kentucky.
“The SBA is strongly committed to providing the people of Indiana with the most effective and customer-focused response possible to assist businesses of all sizes, homeowners and renters with federal disaster loans,” said Guzman. “Getting businesses and communities up and running after a disaster is our highest priority at SBA.”
To assist businesses and residents affected by the disaster, the SBA will open a Disaster Loan Outreach Center (DLOC) at 8 a.m. Friday, July 9, in Monroe County:
Monroe County Convention Center
302 South College St.
Bloomington, IN 47403
Opening: Friday, July 9 at 8 a.m.
Hours: Monday – Friday from 8 a.m.-5 p.m.; Saturday, July 10, from noon to 5 p.m. (this is the only Saturday)
Closing permanently: Friday, July 16, at 5 p.m.
Customer Service Representatives will be available at the DLOCs to answer questions about the disaster loan program and help individuals complete their applications. Due to the ongoing COVID-19 pandemic, the SBA has established protocols to help protect the health and safety of the public. All visitors to the DLOCs are encouraged to wear a face mask.
Survivors may contact the SBA’s Disaster Customer Service Center at (800) 659-2955 for assistance in completing their loan applications. Requests for SBA disaster loan program information may be obtained by emailing FOCE-Help@sba.gov.
“Businesses and private nonprofit organizations may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets,” said SBA’s Indiana District Director Stacey Poynter.
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.
“Loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for loans up to $40,000 to repair or replace damaged or destroyed personal property,” said Kem Fleming, director of SBA’s Field Operations Center East in Atlanta.
Applicants may be eligible for a loan amount 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.
Interest rates are as low as 2.88 percent for businesses, 2 percent for nonprofit organizations, and 1.625 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.
Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at DisasterLoanAssistance.sba.gov/ela/s.
Businesses and individuals may also obtain information and loan applications by calling the SBA’s Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and hard-of-hearing), or by emailing DisasterCustomerService@sba.gov. Loan applications can also be downloaded at sba.gov/disaster. Completed applications should be returned to the center or mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The filing deadline to return applications for physical property damage is Sept. 7, 2021. The deadline to return economic injury applications is April 7, 2022.
US Small Business Administration Fact Sheet - Disaster Loans
10/7/2022 01:02:50 am
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. Thank you for sharing your great post!
2/19/2023 10:41:39 pm
Excellent post! Thank you for giving us an idea about this. Looking forward to the next articles about sba offers for disaster assistance
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