Low-interest loans available for disaster victims

Low-interest federal disaster loans are available to Missouri businesses and residents affected by severe storms, tornadoes, hail and straight-line winds that occurred April 5, according to a news release issued Friday, April 14, by the U.S. Small Business Administration (SBA).

SBA acted under its own authority to declare a disaster in response to a request received April 13, from Gov. Michael Parson.

The disaster declaration makes SBA assistance available in Bollinger, Cape Girardeau, Madison, Perry, Stoddard and Wayne counties in Missouri.

"Low-interest federal disaster loans are available to businesses of all sizes, most private nonprofit organizations, homeowners and renters whose property was damaged or destroyed by this disaster," SBA director Tanya N. Garfield of the department's Disaster Field Operations Center-West said in the release.

Getting help

SBA customer service representatives are available from 9 a.m. to 6 p.m. Monday through Friday, now through Thursday, May 4, at the Disaster Loan Outreach Center set up at Lutesville Presbyterian Church, 106 Railroad St., Marble Hill, Missouri. The representatives will be there to answer questions about SBA's disaster loan program, explain the application process and help individuals complete their applications. No appointment is necessary.

Businesses of all sizes and private not-for-profit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets, according to the release. SBA can also lend additional funds to businesses and homeowners to help with the cost of improvements to protect, prevent or minimize the same type of disaster damage from occurring in the future.

For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private not-for-profit organizations of any size, SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster, the release states. Economic injury assistance is available regardless of whether the business suffered any property damage.

Disaster loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate, according to the release. Homeowners and renters are eligible for up to $40,000 to repair or replace damaged or destroyed personal property, including personal vehicles.

Interest rates can be as low as 4% for businesses, 2.375% for private not-for-profit organizations and 2.375% for homeowners and renters with terms up to 30 years, the release states. Loan amounts and terms are set by SBA and are based on each applicant's financial condition.

Applicants may apply online, receive additional disaster assistance information and download applications at www.disasterloanassistance.sba.gov. Applicants may also call SBA's Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. People who are deaf, hard of hearing or have a speech disability may dial 711 to access telecommunications relay services.

Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

The deadline to apply for property damage is Tuesday, June 13. The deadline to apply for economic injury is Tuesday, Jan. 16.