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SBA Disaster Loan Application Deadline Approaching

Loans are available for homeowners and businesses, which sustained damage from summer storms and flooding.

A restuarant on Banksville Road damaged by flash flooding in July. Photo Credit: Richard Cook
A restuarant on Banksville Road damaged by flash flooding in July. Photo Credit: Richard Cook

The following information was provided by Allegheny County.

The Allegheny County Department of Emergency Services and U.S. Small Business Administration remind homeowners, renters, businesses and non-profit organizations that September 27, 2013, is the deadline to submit disaster loan applications for physical property damage due to the severe storms and flooding that occurred between June 26 and July 21, 2013. 

Low-interest loans of up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for low-interest loans of up to $40,000 to repair or replace damaged or destroyed personal property. Businesses and non-profit organizations of any size may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery, equipment, inventory and other business assets. 

For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private non-profit 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. 

Interest rates are as low as 1.875 percent for homeowners and renters, 2.875 percent for non-profit organizations, and 4.0 percent for businesses with terms up to 30 years. The SBA sets the loan amounts and terms based on each applicant’s financial condition. 

Applicants may apply online using the Electronic Loan Application on SBA’s secure website at https://disasterloan.sba.gov/ela

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

The filing deadline for physical property damage applications is September 27, 2013. The deadline for economic injury applications is April 29, 2014

For more information about the SBA Disaster Loan Program, visit www.sba.gov/disaster

 

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