SBA is operating two Business Recovery Centers with staff available to help ANYONE applying for a disaster loan, including renters and homeowners. We also have SBA staff at all FEMA Disaster Recovery Centers. A new one is opening in Beavercreek at Shaw Elementary School June 26. The hours are 7 a.m. to 7 p.m., 7 days a week.
Applications can also be made online at: disaster assistance and at SBA disaster loan and by calling 1-800-659-2955. The application deadline for physical disaster loans is Aug. 19, 2019.
The U.S. Small Business Administration (SBA) is offering low-interest loans to businesses of all sizes, private non-profit organizations, homeowners and renters impacted by the tornadoes and bad weather May 27-29. We are encouraging impacted businesses and residents to first apply for assistance at disaster assistance and then submit an application to SBA to get much needed funds for their uninsured and under-insured losses.
Here are some program highlights:
- Uninsured and under-insured damage is eligible for a possible SBA Disaster Assistance loan.
- Loans for homeowners and renters are as low as 1.938% with a term up to 30 years.
- Loans for businesses are as low as 4.0% with a term up to 30 years.
- Loans for churches and other private, non-profits are 2.75%, 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 to accept, 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 loans cover fencing, decks, insurance deductibles and debris removal. Mitigation funds can be used to install safe rooms and storm shelters.
- SBA is deferring the first payment due on these loans for four months, so that businesses and residents can make repairs and replacements before payments begin on the fifth month from when you sign the promissory note.
- Small businesses 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 March 18, 2020.
- Owners of rental properties may apply for a business loan.
- Online applications: SBA Disaster loan or call: 800-659-2955 with questions or to request a paper loan application.
SBA - FEMA Disaster Recovery Centers
SBA - Homeowner Loans
SBA New Release