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SBA offers disaster assistance for Bay area

Posted: 3:07 PM, Oct 02, 2015
Updated: 2015-10-02 19:07:32Z
Florida businesses and residents affected by severe storms and flooding can apply for low-interest disaster loans from the U.S. Small Business Administration.
 
This is for damage from July 25 through Aug. 9.
 
SBA Administrator Maria Contreras-Sweet said the loans are being made available in response to a letter from Gov. Rick Scott's State of Emergency declaration.
 
The declaration covers Hillsborough, Pasco and Pinellas, Hardee, Hernando, Manatee, Polk and Sumter.
 
Businesses and nonprofit organizations of any size may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.
 
For small businesses, small agricultural cooperatives, small aquaculture businesses and most private nonprofit organizations of all sizes, the SBA offers Economic Injury Disaster Loans (EIDLs) to help meet working capital needs caused by the disaster.  EIDL 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 Frank Skaggs, director of SBA's Field Operations Center East in Atlanta.  
 
Interest rates are as low as 4 percent for businesses, 2.625 percent for nonprofit organizations, and 1.875 percent for homeowners and renters with terms up to 30 years.  Loan amount and terms are set by the SBA and are based on each applicant's financial condition.
 
Applicants may apply online:
 
Individuals and businesses may also obtain information and loan applications by calling the SBA's Customer Service Center at 1-800-659-2955.
 
Loan applications can also be downloaded at www.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 Nov. 30, 2015.  
 
The deadline to return economic injury applications is June 29, 2016.
 
For more information about the SBA's Disaster Loan Program, visit our website at www.sba.gov/disaster .