Many good reasons to apply for an SBA loan before the Aug. 24 deadline

CHARLESTON, W.Va. – If you applied for assistance from the Federal Emergency Management Agency (FEMA) and were referred to the U.S. Small Business Administration (SBA), there are many good reasons to submit a loan application.

The deadline to apply for an SBA low-interest disaster loan is Wednesday, Aug. 24. If you don’t apply before that date, you may not be eligible to receive the help that may be available to you, not only from SBA but also from FEMA.

SBA offers low-interest disaster loans to homeowners, renters, businesses of all sizes and private nonprofit organizations for physical damage from the severe storms, flooding, landslides and mudslides that occurred June 22-29. The following counties are eligible to apply: Clay, Fayette, Greenbrier, Jackson, Kanawha, Lincoln, Monroe, Nicholas, Pocahontas, Roane, Summers and Webster.

Some of the top reasons for submitting an SBA loan application include:

  • SBA can help renters and homeowners repair or replace disaster-damaged personal property. Renters, as well as homeowners, may be eligible to borrow up to $40,000 to repair or replace clothing, furniture, appliances and damaged vehicles.

  • A future insurance settlement may fall short. You may find out that you are underinsured for the amount of work it takes to repair or replace your damaged home. An SBA low-interest disaster loan can cover the uninsured costs. By submitting the application, you may have loan money available when it’s needed. SBA may approve a loan for the repair or replacement of a home up to $200,000. The loan balance may be reduced by your insurance settlement. However, the opportunity for an SBA loan may be lost if you wait until after the deadline expires on Aug. 24.

  • You are not required to accept a loan even if you qualify for one.

  • If SBA determines you aren’t eligible for a home loan, they will refer you back to FEMA. This could make you eligible for more FEMA aid.

  • Interest rates on SBA loans may be more affordable than you think. Get in touch with an SBA representative to get details.

  • If you need help completing your loan application call the SBA at 800-659-2955 (TTY 800-877-8339); send an email to DisasterCustomerService@sba.gov; or you can visit a Disaster Recovery Center (DRC) to sit down and talk with an SBA representative one-on-one. Find the nearest center to you by going online at www.fema.gov/drc.

  • You can submit your SBA disaster loan application in one of three ways:  online at https://disasterloan.sba.gov/ela/; in person at a DRC; or by mail.           

If your SBA loan application is approved, you may be eligible to borrow additional funds to cover the cost of improvements that will protect your property against future damage. Examples

include elevating utilities, water heaters and furnaces, and installing retaining walls and sump pumps. Applicants may be eligible for an SBA loan increase, for mitigation purposes, of up to  20 percent of their physical damage.

Economic Injury Disaster Loans are available to provide working capital to eligible small businesses and nonprofit organizations in the 12 counties listed above and the 17 adjacent counties in West Virginia, five in Virginia, and one in Ohio.

The deadline to apply for an SBA Economic Injury Disaster Loan is March 27, 2017.

Additional information on West Virginia’s disaster recovery can be found by calling the FEMA Helpline 800-621-3362 or visiting: www.DisasterAssistance.gov; the flood pages at www.WVflood.com; fema.gov/disaster/4273; twitter.com/femaregion3; and fema.gov/blog.

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Many good reasons to apply for an SBA loan before the Aug. 24 deadline

A U.S. Small Business Administration loan can be smart business

CHARLESTON, W.Va. – If you are a disaster survivor in West Virginia you may not know you can get help from the U.S. Small Business Administration (SBA) that could lead to a smarter, faster recovery for businesses, homeowners, renters or private nonprofits.

The first step is to register with the Federal Emergency Management Agency (FEMA). Once you have done that, both FEMA and SBA encourage you to apply for a low-interest disaster SBA loan to help fund your recovery and to ensure the federal disaster recovery process continues. 

An SBA low-interest disaster loan is a primary source of funds for real estate property repairs and for replacing contents destroyed in the severe storms, flooding, landslides, and mudslides that occurred June 22-29.

Physical Damage Disaster Loans

Businesses and private nonprofit organizations of any size may borrow up to $2 million to repair or replace disaster damaged or destroyed real estate, machinery and equipment, inventory and other business assets.

If your SBA loan application is approved, you may be eligible to borrow additional funds to cover the cost of improvements that will protect your property against future damage. Examples

include elevating utilities, water heaters and furnaces, and installing retaining walls and sump pumps. Applicants may be eligible for an SBA loan increase, for mitigation purposes, of up to 20 percent of their physical damage.

Interest rates are as low as 4 percent for businesses and 2.625 percent for nonprofit organizations, with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.

Economic Injury Disaster Loans

SBA also offers a working capital loan to relieve the economic injury caused by the disaster. A disaster loan is available to eligible businesses as well as private nonprofits even if the property was not damaged by the June storms.

These loans are for small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and certain private nonprofit organizations of all sizes to cover unpaid bills and lost business due to the disaster. Economic Injury Disaster Loans are available in amounts up to $2 million. The total of both physical damage and economic injury loans cannot exceed $2 million.

Eligible counties for both Physical and Economic Injury Disaster Loans

The disaster declaration covers the counties of Clay, Fayette, Greenbrier, Jackson, Kanawha, Lincoln, Monroe, Nicholas, Pocahontas, Roane, Summers and Webster in West Virginia, which are eligible for both Physical and Economic Injury Disaster Loans from the SBA. 

Eligible counties for Economic Injury Disaster Loans only

Small businesses and most private nonprofit organizations in the following adjacent counties are eligible to apply only for SBA Economic Injury Disaster Loans: Boone, Braxton, Cabell, Calhoun, Lewis, Mercer, Logan, Mason, Mingo, Pendleton, Putnam, Raleigh, Randolph, Upshur, Wayne, Wirt and Wood in West Virginia; Alleghany, Bath, Craig and Giles and Highland in Virginia; and Meigs in Ohio. 

Deferred Disaster Loan payments

The first payment for a disaster loan is due five months from the date of the SBA note.

Deadlines

The deadline to apply for an SBA Physical Damage loan is Aug. 24, 2016.

The deadline to apply for an SBA Economic Injury Disaster loan is March 27, 2017.

  • You can submit your SBA disaster loan application in one of three ways:  online at https://disasterloan.sba.gov/ela/; in person at a Disaster Recovery Center (DRC); or by mail. SBA has staff at all DRCs to provide one-on-one assistance to businesses of all sizes, homeowners and renters in submitting their application.

Do not wait for an insurance settlement before submitting an SBA loan application. You can begin your recovery immediately with a low-interest SBA disaster loan. The loan balance will be reduced by the insurance settlement if you receive one. SBA loans may be available for losses not covered by insurance or other sources.

Remember, you don’t have to accept the loan if you qualify for one.

SBA Disaster Business Recovery Centers (BRCs) help businesses get back on their feet from damage they sustained during the storms. The BRCs are a resource where businesses can meet face-to-face with SBA representatives to learn how a low-interest disaster loan can help them recover. The BRCs are located in Greenbrier, Kanawha and Nicholas counties. To locate a DRC or an SBA BRC, call the SBA Customer Service Center at 800-659-2955.

If you have not registered with FEMA:

  • You can apply by calling the FEMA Helpline at 800-621-3362 or (TTY)  800-462-7585. If you use 711-Relay or Video Relay Services, you should call 800-621-3362. Operators are multilingual and calls are answered from 7 a.m. to 10 p.m. local time seven days a week; or

  • You can go online at www.DisasterAssistance.gov; or

  • You can visit a DRC.

Additional information on West Virginia’s disaster recovery can be found by calling the FEMA Helpline 800-621-3362 or visiting: www.DisasterAssistance.gov; the flood pages at www.WVflood.com; fema.gov/disaster/4273; twitter.com/femaregion3; and fema.gov/blog.

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A U.S. Small Business Administration loan can be smart business

Texas Storm Survivors May Receive A Phone Call From SBA

AUSTIN, Texas – Eligible individuals and business owners in Erath, Gregg, Harrison, Hood, Jasper, Marion, Newton, Orange and Parker counties who register for disaster assistance from the Federal Emergency Management Agency (FEMA) may receive an automated phone call from the U.S. Small Business Administration (SBA). SBA’s recorded message gives instructions on how to request an application for a low-interest disaster loan.

Because FEMA grants may not cover all damage or property loss, private insurance and low-interest loans from the SBA are major sources of additional disaster recovery funds for businesses of all sizes (including landlords), private non-profits, homeowners and renters.

The survivor must complete and submit the SBA application because it may open the door to further assistance, including additional FEMA grants. There is no cost to apply and no obligation to accept the loan.

Interest rates can be as low as 4 percent for businesses, 2.625 percent for private nonprofit organizations and 1.813 percent for homeowners and renters with terms up to 30 years.

  • Eligible homeowners may borrow up to $200,000 for home repair or replacement of primary residences, and eligible homeowners and renters may borrow up to $40,000 to replace disaster-damaged or destroyed personal property, including a vehicle. 
  • Businesses of all sizes and nonprofit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery, equipment, inventory and other business assets.
  • Small businesses and most private nonprofits suffering economic impact from a disaster can apply for up to $2 million for any combination of property damage or economic injury under SBA’s Economic Injury Disaster Loan (EIDL) program.

FEMA and SBA encourage survivors to:

  • Register with FEMA at DisasterAssistance.gov or by phone (voice, 711 or video relay service) at 800-621-3362, TTY 800-462-7585. Toll-free lines are open 7 a.m. to 10 p.m., seven days a week and multilingual operators are available.
  • Go online at SBA.gov/disaster and download an application. Contact SBA at 800-659-2955, by email at disastercustomerservice@SBA.gov or meet with an SBA Representative at a Disaster Recovery Center to learn more about disaster loans, the application process, or    for help completing the SBA application. Deaf and hard-of-hearing individuals may call 800-877-8339.

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Texas Storm Survivors May Receive A Phone Call From SBA

Recovery Center in Limestone County to become SBA Disaster Loan Center June 13

MONTGOMERY, Ala. – The FEMA Disaster Recovery Center in Athens in Limestone County will become an SBA Disaster Loan Outreach Center at the same location beginning Friday, June 13, at 9 a.m.

The SBA Disaster Loan Outreach Center will be open Monday through Friday from 9 a.m. to 6 p.m., Saturday from 9 a.m. to 1 p.m.  Both FEMA and SBA staff will be on hand.

The center is located at the Ripley Woodmen of the World Hall, 11281 Ripley Road, Athens, AL, 35611.

After the FEMA center becomes an SBA center, survivors will still be able to contact FEMA online at DisasterAssistance.gov, via smartphone at m.fema.gov or by phone at 800-621-3362; TTY 800-462-7585.  Multilingual operators are available.

The deadline for individuals to register for federal disaster assistance and to apply for SBA disaster loans is July 1, 2014.

The SBA offers low-interest disaster loans to homeowners, renters, businesses of all sizes and private nonprofit organizations to repair or replace uncompensated losses. The SBA may lend up to $200,000 to repair or replace homes and up to $40,000 to repair or replace personal property.

Loans to businesses, including nonprofits, are available up to $2 million to repair or replace disaster damaged real estate, and other business assets.  Eligible businesses and non-profits can apply for Economic Injury Disaster Loans to help meet working capital needs caused by the disaster.

The deadline to apply for SBA Economic Injury Disaster Loan applications is February 2, 2015.

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Recovery Center in Limestone County to become SBA Disaster Loan Center June 13

Recovery Center in Jefferson County to Become an SBA Disaster Loan Outreach Center June 14

MONTGOMERY, Ala. – The FEMA Recovery Center at the Maurice C. West Community Center in Graysville in Jefferson County will become an SBA Disaster Loan Outreach Center at the Graysville Public Library, Saturday, June 14 at 9 a.m.

The SBA Disaster Loan Outreach Center will be open 9 a.m. to 1 p.m. on Saturday, then, Monday through Friday, 9 a.m. to 6 p.m.

The SBA Center will have both SBA and FEMA staff on hand.

The Center will be located at Graysville Public Library, 315 South Main St., Graysville, AL, 35073.

After the FEMA center becomes an SBA center, survivors will still be able to contact FEMA online at DisasterAssistance.gov, via smartphone at m.fema.gov or by phone at 800-621-3362; TTY 800-462-7585.  Multilingual operators are available.

The deadline to register for federal disaster assistance and apply for SBA disaster loans is July 1, 2014.

The SBA offers low-interest disaster loans to homeowners, renters, businesses of all sizes and private nonprofit organizations to repair or replace uncompensated losses. The SBA may lend up to $200,000 to repair or replace homes and up to $40,000 to repair or replace personal property.

Loans to businesses, including nonprofits, are available up to $2 million to repair or replace disaster damaged real estate, and other business assets.  Eligible businesses and non-profits can apply for Economic Injury Disaster Loans to help meet working capital needs caused by the disaster.

The deadline for SBA Economic Injury Disaster Loan applications is February 2, 2015.

 

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Recovery Center in Jefferson County to Become an SBA Disaster Loan Outreach Center June 14

SBA’s Colorado Disaster Loans Pass $42 million

DENVER – The U.S. Small Business Administration (SBA) has now approved more than $42 million in disaster loans to Colorado homeowners, renters, businesses of all sizes and private, nonprofit organizations.

Approved loan totals in some of the most impacted areas are currently over $27 million in Boulder County, $4.9 million in Larimer County and $6 million in Weld County.

The more than $42 million approved so far to survivors with losses from Colorado storms, flooding, landslides and mudslides breaks down this way:

  • $37.5 million in loans to repair and rebuild homes
  • $4.8 million in business and economic injury loans

Economic Injury Disaster Loans (EIDLs) are available to small businesses having difficulty meeting obligations as a result of the September severe weather and floods, as well as private nonprofits, even if property was not physically damaged.

Deferred Disaster Loan Payments

The first payment for a disaster loan is due on the fifth month from the date of the loan closing.

The deadline to apply for a SBA disaster loan is November 14, 2013 for physical damage and June 16, 2014 for Economic Injury Disaster Loans.

A simple and fast way to complete the application is online, using the SBA’s electronic loan application. Go to DisasterLoan.SBA.gov/ELA.

SBA customer service representatives are available to answer questions, explain the application process, help individuals and businesses apply for a low-interest disaster loan and close their approved disaster loans at all Colorado/FEMA disaster recovery centers and SBA business recovery centers and Disaster Loan Outreach Centers. To locate the nearest center & hours, visit sba.gov/disaster or call 800-659-2955 (TTY 800-877-8339).

Register with FEMA by phone, 800-621-3362, from 5 a.m. to 8 p.m., MDT, seven days a week.  Multilingual phone operators are available on the FEMA Helpline. Choose Option 2 for Spanish and Option 3 for other languages. People who have a speech disability or are deaf or hard of hearing may call (TTY) 800-462-7585; users of 711 or Video Relay Service can call 800-621-3362.

To find the nearest disaster recovery center, check out the DRC locator at FEMA.gov/disaster-recovery-centers. Register online:  DisasterAssistance.gov or by Web-enabled device, tablet or smartphone: type m.fema.gov in the browser.

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SBA’s Colorado Disaster Loans Pass $42 million

Businesses, Nonprofit Organizations Get Smart About Low-Interest Disaster Loans

WINDSOR, Conn. — Businesses and nonprofit organizations are discovering a low-interest disaster loan from the U.S. Small Business Administration is a smart business decision.

Disaster loans provide funding for private sector recovery and are being used to:

 

  • Repair or replace buildings and business assets, such as equipment and inventory;
  • Meet payroll and lease obligations during business downtime caused by the disaster;
  • Refinance existing liens; and
  • Make improvements to protect against future damage.

“Disaster loans from the SBA are the major source of federal disaster recovery assistance,” said Federal Coordinating Officer Albert Lewis of the Federal Emergency Management Agency. “The interest rates are low—as low as 4 percent for businesses and 3 percent for nonprofits.”

SBA offers businesses and nonprofits two types of disaster loans: a Physical Disaster Loan and an Economic Injury Disaster Loan.

Physical Disaster Loans are used to repair or replace damaged buildings and business assets. Economic Injury Disaster Loans help small businesses, small agricultural cooperatives, aquaculture businesses and most private nonprofits meet financial obligations that they cannot meet because of the disaster.

Business owners may also be eligible to refinance existing liens or mortgages.

Applications from the SBA are mailed to most survivors who register for assistance with FEMA. No one is obligated to accept a loan if offered.

SBA low-interest disaster loans for businesses have several advantages:

 

  • SBA requires no collateral for physical loans less than $14,000 or economic injury loans less than $5,000. SBA requires the borrower to pledge as collateral only what is available, plus satisfactory credit and the ability to repay.

 

  • Applicants don’t have to wait for insurance settlements to obtain loans.

 

  • Loans are written for a length of time appropriate to the type of loan, but SBA may make adjustments in the length to lower the monthly payments.

 

  • SBA offers mitigation loans to help pay for improvements to reduce potential for future damage. These mitigation funds are available for up to 20 percent of the total amount of disaster damage.

 

  • SBA never charges an application fee or points for its disaster loans.

By law, SBA business loans cannot exceed $2 million.  If a business is a major employer, SBA may waive the limit.

The deadline to file for a Physical Damage Disaster Loan is Dec. 31. The deadline for an Economic Injury Disaster Loan is July 31, 2013.

No one is obligated to accept a loan if approved. SBA gives applicants six months to decide whether to accept a loan.

SBA has opened a Business Recovery Center in Fairfield County at the Fairfield County SCORE office, 111 East Ave., Norwalk, CT  06851. The center is staffed from 9 a.m. to 5:30 p.m., Monday through Friday. 

The SBA offers online an application through its Electronic Loan Application site at https://DisasterLoan.SBA.gov/ela. Survivors can call the SBA’s Disaster Assistance Customer Service Center at 800-659-2955, or visit the SBA’s website at www.sba.gov/sandy.

 

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Businesses, Nonprofit Organizations Get Smart About Low-Interest Disaster Loans