Business Services Industry

SBA's Deadline for Physical Damage Disaster Loan Applications Is November 21st

Business Wire, Oct 22, 2008

ATLANTA -- The U.S. Small Business Administration reminds homeowners, renters, businesses and non-profit organizations of all sizes of the deadline to submit disaster loan applications for damage caused by the Milton Flea Market fire that occurred on September 10, 2008. The deadline to file an application for physical damage is November 21, 2008.

Residents and businesses in Cabell county and the adjacent counties of Lincoln, Mason, Putnam and Wayne in the State of West Virginia; and Gallia and Lawrence counties in the State of Ohio are eligible to apply for disaster assistance loans from the SBA.

The 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 $2 million to repair damage to real estate, machinery and equipment, inventory, and other business assets.

Economic Injury Disaster Loans (EIDLs) are also available to small businesses, and most private, non-profit organizations of all sizes unable to pay bills or meet operating expenses because of the disaster. EIDL assistance is available regardless of whether the business suffered any property damage.

Interest rates are as low as 2.875 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 on each applicant's financial condition.

Additionally, disaster victims with insurance should not wait for an insurance settlement before applying to the SBA. If victims do not know how much of their loss will be covered by insurance or other sources, the 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.

The SBA also offers mitigation loans to disaster victims based on 20 percent of the verified physical damage. These funds are designed to help borrowers pay for protective measures, which may prevent damages of the same kind in the future.

Individual and business may obtain information and loan applications by calling the SBA's Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the hearing-impaired) Monday through Friday from 8 a.m. until 9 p.m., and Saturday and Sunday from 9 a.m. until 9 p.m. EDT or by emailing the Customer Service Center at disastercustomerservice@sba.gov. Business loan applications can also be downloaded from the SBA website at www.sba.gov/services/disasterassistance. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX. 76155.

Those affected by the fire may also apply for disaster loans from SBA's secure website at https://disasterloan.sba.gov/ela/.> The filing deadline to return applications for physical damage is November 21, 2008. The deadline to return economic injury applications is June 22, 2009.

For more information about the SBA's Disaster Loan Programs, visit our website at www.sba.gov/services/disasterassistance.> Release Number: 09-030, WV 11437/11438