By JULIA ROBERTS GOAD
Those who were affected by storms in March are eligible for disaster loans from the U.S. Small Business Administration.
The damages occurred from March 15 through 31, and the deadline for applying for an SBA loan is May 21, if the loan for physical damages, or Dec. 24 if the loan is for economic injury.
Beverlyn McDonald, Public Affairs Specialist with the SBA, said the Administration’s disaster assistance is different from the type of help they usually provide.
“These are low interest loans to those affected by a disaster,” McDonald said. “These loans are provided for any uncompensated, uninsured losses.”
There are several types of loans available to those who suffered losses in the disaster.
Home disaster loans are intended to help homeowners or renters repair or replace disaster-damaged real estate or personal property owned by the victim. Renters are eligible for their personal property losses, including vehicles.
Business physical disaster loans are to help business owners repair or replace disaster-damaged property. Businesses of any size are eligible, as are non-profit organizations, charities, churches and schools.
Economic Injury Disaster Loans supply working capital to help small business meet their ordinary and necessary financial obligation that cannot be met as a result of the disaster.
In order to be approved for a loan, applicants must meet credit requirements and show an ability to repay the loan. Collateral is required for loans over $14,000.
McDonald said interest rates for homeowner, renter and personal property loans start at 1.8 percent. Loan amounts can go up to $200,000 for a structure and $40,000 for contents.
Business loans can go up to $2 million and the interest rates start at 4 percent.
“Our loan amounts are determined by your actual uncompensated uninsured loss, and can go up to 30 years,” McDonald said.
The first part of the application process is the register with the Federal Emergency Management Agency at 800-659-2955.
She urged anyone who has received an SBA loan application to return it as quickly as possible, and to call the helpline with any problems during the application process at 800-621-3362.