SBA’s Deadline is October 18 for Physical Damage
ATLANTA – The U.S. Small Business Administration reminds homeowners, renters, businesses and non-profit organizations of the deadline to submit disaster loan applications for damages caused by the severe storms and flooding that occurred on Aug. 5, 2011. The deadline to file an SBA disaster loan application for physical damage is Oct. 18, 2011.
Anyone with insured losses should not wait for an insurance settlement before applying to the SBA. “If someone does not know how much of their loss will be covered by insurance or other sources, the SBA will consider making a loan for the total loss up to its loan limits, provided they agree to use insurance proceeds to reduce or repay their SBA loan,” said Frank Skaggs, director of SBA Field Operations Center East.
Low-interest disaster loans are available in Mecklenburg County, and the neighboring counties of Cabarrus, Gaston, Iredell, Lincoln and Union in North Carolina; Lancaster and York in South Carolina.
Interest rates are as low as 2.5 percent for homeowners and renters, 3 percent for non-profit organizations and 4 percent for businesses with terms up to 30 years. The SBA sets the loan amounts and terms based on each applicant’s financial condition.
For additional information, call the SBA’s Customer Service Center at 800-659-2955; (800-877-8339 for the deaf and hard-of-hearing) Monday through Friday from 8 a.m. until 8 p.m., and Saturday and Sunday from 9 a.m. to 5:30 p.m. ET or send an email to firstname.lastname@example.org. Loan application forms can be downloaded from the SBA’s website at http://www.sba.gov/. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
Those affected by the disaster may also apply for disaster loans electronically from SBA’s website at https://disasterloan.sba.gov/ela/.
The filing deadline to return applications for physical damage is October 18, 2011. The deadline to return economic injury applications is May 19, 2012.