The deadline to file for a U.S. Small Business Administration (SBA) loan for physical damages from October’s severe storms and flooding is Jan. 4, 2016.
So far, the SBA has approved more than $100 million in low-interest disaster loans for businesses and residents in connection with October’s historic flood event. Currently, 3,431 disaster loans have been approved in the amount of $101,945,300 for affected survivors.
“When SBA approved the original $50 million in loans to support South Carolina, I said we would be here as long as it took to help the state recover and rebuild. That’s a real commitment,” SBA Administrator Maria Contreras-Sweet said. “Reaching $100 million means more businesses and individuals can get back on their feet. This agency, along with our resource partners at the Small Business Development Centers (SBDCs), Women’s Business Center and SCORE Chapter will continue to support South Carolina on its path to recovery.”
SBA disaster loans are available to businesses of all sizes, most private non-profit organizations, homeowners and renters to cover uninsured losses from the disaster. Interest rates are as low as 4 percent for businesses, 2.625 percent for private non-profit organizations, and 1.875 percent for homeowners and renters. Loan terms can be up to 30 years.
To be considered for all forms of disaster assistance, applicants should register with FEMA online at www.DisasterAssistance.gov or (mobile) at m.fema.gov. If online or mobile access is unavailable, applicants should call the FEMA toll-free Helpline at 800-621-3362. Those who use 711-Relay or Video Relay Services should call 800-621-3362 (800-462-7585 TTY).
Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at https://disasterloan.sba.gov/ela.
Disaster loan information and application forms may also be obtained by calling the SBA’s Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an email to email@example.com. Loan applications can be downloaded from www.sba.gov/disaster. Completed applications can be returned to a recovery 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 Jan. 4, 2016.
The deadline to return economic injury applications is July 5, 2016.