SBA Approves More Than $1 Million in Disaster Loans; Physical Deadline Is June 22

(BUSINESS WIRE)--More than $1 million in U.S. Small Business Administration Disaster Assistance Loans have been approved for residents and business owners in Georgia who were affected by the severe storms, flooding and tornadoes that occurred from March 26 through April 13, 2009.

“Currently, 22 disaster home loans and 2 businesses have been approved in the amount of $1,105,200 for affected victims,” said Frank Skaggs, Director of Field Operations Center East. “We are pleased to get these loans approved so the residents and businesses of Georgia can start rebuilding and resuming their normal lives.” With the June 22 deadline approaching, anyone with disaster related damages should apply for an SBA disaster assistance loan by completing and returning the SBA loan application.

The disaster declaration covers Ben Hill, Berrien, Brantley, Brooks, Camden, Coffee, Colquitt, Decatur, Dougherty, Echols, Lanier, Lowndes, Miller, Mitchell, Montgomery, Pierce, Tattnall, Tift, Ware, Wheeler and Worth counties in Georgia, which are eligible for both Physical and Economic Injury Disaster Loans from the SBA. Small businesses and most private, non-profit organizations in the following adjacent counties are eligible to apply only for SBA Economic Injury Disaster Loans: Appling, Atkinson, Bacon, Baker, Calhoun, Candler, Charlton, Clinch, Cook, Crisp, Dodge, Early, Emanuel, Evans, Glynn, Grady, Irwin, Jeff Davis, Laurens, Lee, Liberty, Long, Seminole, Telfair, Terrell, Thomas, Toombs, Treutlen, Turner, Wayne and Wilcox in Georgia; and Baker, Columbia, Gadsden, Hamilton, Jefferson, Madison and Nassau in Florida.

Many residents and businesses that registered with FEMA for assistance have received an SBA disaster loan application. Completing the loan application and returning it is a crucial step toward disaster recovery. Homeowners and renters unable to obtain a disaster loan from the SBA may be referred to FEMA for grant consideration. To be eligible for these grants, applicants must submit their SBA loan application even if they do not want a loan. No one is required to accept a loan. To be considered for all forms of disaster assistance, please call FEMA at 1-800-621-FEMA (3362).

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

The interest rates for these loans are as low as 2.187 percent for homeowners and renters and 4 percent for businesses with loan terms up to 30 years. Actual terms are set by the SBA, and are based on each applicant’s financial condition.

To obtain an SBA Disaster Loan application or program information, call the SBA’s Customer Service Center at 1-800-659-2955 (or 1-800-877-8339 for the hearing impaired) Monday through Friday from 8 a.m. to 9 p.m. EDT, (closed in observance of Memorial Day) or by sending an email to disastercustomerservice@sba.gov. Applications may also be downloaded from www.sba.gov/services/disasterassistance and returned to one of the Centers or mailed to: U. S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, Texas, 76155.

Additionally, victims may apply for disaster loans on SBA’s secure website at https://disasterloan.sba.gov/ela/.

The deadline for physical loan applications is June 22, 2009; the deadline for economic injury applications is January 23, 2010.

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