“The Disaster Loan Outreach Center in Benton was open until December 20th 2018 at 4pm. After Thursday, December 20th, applications can be made online at: disasterloan.sba.gov, or by calling 1-800-659-2955 to request a paper loan application or to ask any questions, but applications must be completed by the deadline of February 11, 2019.
The U.S. Small Business Administration (SBA) offers low-interest loans to businesses of all sizes, private non-profit organizations, homeowners and renters. We are encouraging impacted businesses and residents to submit an application to get much needed funds for their uninsured losses.
Here are some program highlights:
- Uninsured damage occurring from August 10-15, 2018 is eligible for a possible SBA Disaster Assistance loan.
- The deadline to apply for physical damage loans is February 11.
- Loans for homeowners and renters are as low as 2% with a term up to 30 years.
- Loans for businesses are as low as 3.675% with a term up to 30 years.
- Loans for churches and other private, non-profits are 2.5%, with a term up to 30 years.
- Loans are directly from the federal government—the rate and term will not change.
- If offered a loan, you have 60 days to decide, and can decline it or accept a partial amount. If you decline, you have 6 months to change your mind and reapply.
- Individuals and Businesses can borrow up to $25,000 without a lien on their property (no collateral).
- SBA disaster loans have a 4-month deferment, with the first payment due 5 months from the date the final documents are signed, so that businesses and residents can make repairs and replacements before payments begin.
- Small businesses, including farm-related businesses, agricultural cooperatives, small businesses engaged in aquaculture, and most private, non-profit organizations can also apply for Economic Injury Disaster Loans to meet working capital needs caused by the disaster. The deadline for working capital loan applications is September 11, 2019.
- Owners of rental properties may apply for a business loan.
- Online applications: Disasterloan.sba.gov or call: 800-659-2955 with questions or to request a paper loan application.
The Public Assistance Applicant Briefing was held on Monday December 17th at the Sawmill Road Agricultural Building in Scott Township. This meeting was for municipalities, and certain non-profits, that reported damage and are applying for grant money from damage incurred from the August flooding. After the municipalities set up their FEMA grant portal they will be contacted with an exploratory call prior to the next step which is the kickoff meeting. Date, time and location will be announced when available.
More information will be posted when it becomes available.”