SBA Offers Disaster Assistance to Residents of City of Tampa Affected by Severe Storms and Flooding
Businesses and residents affected by severe storms and flooding from July 25th through Aug. 9th, 2015, can apply for low-interest disaster loans from the U.S. Small Business Administration (SBA).
Businesses and nonprofit organizations of any size 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 most private nonprofit organizations of all sizes, 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 1.875 percent for homeowners and renters with terms up to 30 years. Loan amount 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.
SBA will also open Disaster Loan Outreach Centers on Friday, October 2nd until October 8th daily to assist businesses and residents in applying for low interest disaster loans. The location addresses and operating hours are as follows:
Keystone Recreation Center
Odessa, Florida 33556
Opens: Friday, Oct. 2 at 9 a.m.
Hours: 9 a.m. to 6 p.m. daily
Closed: Sunday, Oct. 4
Closes: Thursday, Oct. 8 at 4 p.m.
Individuals and businesses may also obtain information and loan applications 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 firstname.lastname@example.org.
Loan applications can also be downloaded at www.sba.gov/disaster. Completed applications should be returned to the 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 Nov. 30, 2015. The deadline to return economic injury applications is June 29, 2016.