SBA Disaster Assistance Tops $50 Million in Georgia; Economic Injury Funds Still Available for Affected Businesses

(BUSINESS WIRE)--The U.S. Small Business Administration (SBA) announced December 4 that it approved over $50 million in federal low-interest disaster loans to Georgia homeowners, renters and businesses that sustained damages as a result of the severe storms and flooding that occurred from September 18 through October 8, 2009 in Georgia.

“Currently, 1,417 SBA disaster loans for homes and businesses have been approved in the amount of $50,333,900 for affected victims,” said Frank Skaggs, Director of SBA’s Field Operations Center East. “We are pleased to be able to approve these loans so the residents and businesses of Georgia can start to rebuild and resume their normal lives.”

Small businesses and most private non-profit organizations of all sizes in the following counties still have time to apply for Economic Injury Disaster Loans (EIDLs): Banks, Barrow, Bartow, Butts, Carroll, Catoosa, Chattooga, Cherokee, Clayton, Cobb, Coweta, Dade, Dawson, DeKalb, Douglas, Fayette, Floyd, Forsyth, Franklin, Fulton, Gordon, Gwinnett, Habersham, Hall, Haralson, Heard, Henry, Jackson, Jasper, Meriwether, Morgan, Newton, Paulding, Pickens, Polk, Rockdale, Spalding, Stephens, Troup, Walker, Walton and Whitfield in Georgia; Cherokee, Cleburne, DeKalb and Randolph in Alabama; Oconee in South Carolina; and Hamilton County in Tennessee.

EIDLs are designed to help meet working capital needs caused by the disaster and are available regardless of whether the business suffered any physical property damage. The interest rate is 4 percent and the maximum loan term is 30 years. The SBA sets loan amounts and terms based on each applicant’s financial condition.

Anyone affected by the disaster may obtain applications and program information by calling the SBA’s Customer Service Center at 1-800-659-2955 (or 1-800-877-8339 for the hearing impaired) Monday through Friday, 8 a.m. to 9 p.m. EST, or by sending an e-mail to disastercustomerservice@sba.gov. Business loan applications may be downloaded from www.sba.gov/services/disasterassistance. Applications may be returned to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, Texas 76155.

Disaster victims may visit SBA’s secure Web site at https://disasterloan.sba.gov/ela/ to apply for disaster loans.

The filing deadline for physical property damage expired November 23, 2009. The deadline to return economic injury applications is June 24, 2010.

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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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Do Not Wait For Insurance Settlement; SBA Urges Return of Applications – Deadline to Apply June 22

(BUSINESS WIRE)--The U.S. Small Business Administration is reminding victims in eligible Georgia counties they should not wait to settle with their insurance companies before applying for disaster loan assistance. The SBA encourages victims of the March 26, 2009 through April 13, 2009, storms to return their completed applications, even if they have not settled with their insurance company. Waiting to file an SBA application could cause unnecessary delays in receiving disaster assistance.

“Victims are urged to complete and return their SBA disaster loan application by the June 22 deadline,” said Frank Skaggs, Director of SBA Field Operations Center East. “SBA is here to help you with your recovery efforts. I encourage anyone who has not completed their disaster loan application to do so and return it as quickly as possible,” Skaggs added.

If a victim does not know how much of their loss will be covered by insurance or other sources, the SBA will consider making a loan for the total loss up to its loan limits, provided the borrower agrees to use insurance proceeds to reduce or repay their SBA loan.

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, inventory, machinery and equipment and other business assets. 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 to minimize damages of the same kind in the future.

For small businesses, and most private non-profit organizations of all sizes, the SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic Injury Disaster Loans assistance is available regardless of whether the business suffered any physical property damage.

Interest rates can be as low as 2.187 percent for homeowners and renters and 4 percent for businesses with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.

To be considered for all forms of disaster assistance, victims must first call the Federal Emergency Management Agency (FEMA) at 1-800-621-FEMA (3362).

Victims unable to visit the Centers may obtain applications and program information by calling 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 9 p.m., and Saturday, 9 a.m. to 9 p.m. EDT, or by sending an email to disastercustomerservice@sba.gov. Business loan applications can be downloaded from the SBA website 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.

Victims may visit SBA’s secure Web site at https://disasterloan.sba.gov/ela/ to apply for disaster loans.

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

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