SBA’s Deadline for Physical Damage Disaster Loan Applications is October 19
(BUSINESS WIRE)–Residents and businesses in Berks, Bucks, Chester, Delaware, Lehigh, Montgomery and Philadelphia counties in Pennsylvania are eligible to apply for physical disaster assistance.
The U.S. Small Business Administration reminds homeowners, renters, businesses and non-profit organizations of the deadline to submit disaster loan applications for damage caused by the August 2, storms and flooding in Montgomery County. The deadline to file an application for physical damage is October 19, 2009.
The SBA offers loans up to $200,000 to repair disaster damaged primary residences. Homeowners and renters are eligible for loans up to $40,000 to replace personal property such as furniture, appliances and clothing. Loans to businesses and non-profit organizations of all sizes are available up to $2 million to repair damage to real estate, machinery, inventory and equipment.
SBA Economic Injury Disaster Loans (EIDLs) are available to small businesses and most private non-profit organizations of all sizes to help meet working capital needs caused by the disaster. EIDL assistance is available regardless of whether the business suffered any property damage.
Interest rates are as low as 2.750 percent for homeowners and renters and 4 percent for businesses with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant’s financial condition.
The SBA also offers mitigation funds to disaster victims based on 20 percent of the verified physical damage. These funds are designed to help borrowers pay for protective measures which may prevent damages of the same kind in the future.
To obtain program information or a loan application, call the SBA’s Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the hearing-impaired) Monday through Friday from 8 a.m. until 6 p.m. EDT or by sending an email to disastercustomerservice@sba.gov. Business loan applications can also be downloaded from the SBA Web site at www.sba.gov/services/disasterassistance. 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 apply for disaster loans from SBA’s secure Web site at https://disasterloan.sba.gov/ela/.
The filing deadline to return applications for physical damage is October 19, 2009. The deadline to return economic injury applications is May 18, 2010.
For more information about the SBA’s Disaster Loan Programs, visit our Web site at www.sba.gov/services/disasterassistance.
Release Number: 09-698, PA 11842/11843
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