Small Business Administration Assistance Available to Tropical Storm Debby Victims in Clay County
In the wake of Tropical Storm Debby, the Small Business Administration has made available loan assistance available to eligible Clay County disaster victims. Examples of said loans include disaster loans up to $200,000 available to homeowners to repair or replace disaster damaged or destroyed real estate. Homeowners and renters may also be eligible for up to $40,000 in loans 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. The SBA may increase a loan up to 20 percent of the total amount of disaster damage to real estate and/or leasehold improvements, as verified by SBA, to make improvements that lessen the risk of property damage by future disasters of the same kind.
For small businesses, mall agricultural cooperatives, small businesses engaged in aquaculture and most private non-profit organizations of all sizes, 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.
Interest rates are as low as 1.938 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.
To be considered for all forms of disaster assistance, call the Federal Emergency Management Agency (FEMA) at 800-621-FEMA (3362), (TTY) 800-462-7585 for the deaf and
hard-of-hearing. Additional details on the locations of Disaster Recovery Centers and the loan application process can be obtained by calling the SBA Customer Service Center at
800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an e-mail to disastercustomerservice@sba.gov.
Applicants may also apply online using the Electronic Loan Application (ELA) via SBA’s secure website athttps://disasterloan.sba.gov/ela/.
The filing deadline to return applications for physical property damage is Sept 4, 2012. The deadline to return economic injury applications is April 3, 2013.