Small business loan deadline for Hurricane Hermine approaching

Flooding in Pasco County.
Flooding in Pasco County.

The U.S. Small Business Administration reminds businesses of all sizes, private nonprofit organizations, homeowners, and renters of the deadline to submit disaster loan applications for damages caused by Hurricane Hermine from Aug. 31 to Sept. 11, 2016. The deadline to submit applications for physical damage is Nov. 28, 2016.

Low-interest disaster loans are available in Citrus, Dixie, Hernando, Hillsborough, Leon, Levy, Pasco and Pinellas counties in Florida which are eligible for both Physical and Economic Injury Disaster Loans from the SBA. Small businesses and most private nonprofit organizations in the following adjacent counties are eligible to apply only for SBA Economic Injury Disaster Loans: Alachua, Gadsden, Gilchrist, Hardee, Jefferson, Lafayette, Liberty, Manatee, Marion, Polk, Sumter, Taylor and Wakulla in Florida; Grady and Thomas counties in Georgia.

Businesses of any size and nonprofit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.
For small businesses, small agricultural cooperatives, small aquaculture businesses and private, nonprofit organizations, the SBA offers Economic Injury Disaster Loans (EIDLs) to help meet working capital needs caused by the disaster. EIDL assistance is available regardless of whether the business suffered any physical property damage.

Loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for loans up to $40,000 to repair or replace damaged or destroyed personal property. Interest rates are as low as 4 percent for businesses, 2.625 percent for nonprofit organizations, and 1.563 percent for homeowners and renters with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.

Applicants may be eligible for a loan amount increase up to 20 percent of their physical damages, as verified by the SBA, to make improvements that help prevent the risk of future property damage caused by a similar disaster.

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 applications may also be obtained by calling the SBA’s Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and hard-of-hearing), or by emailing disastercustomerservice@sba.gov. Loan applications can also be downloaded at http://www.sba.gov/disaster. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

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