Small Business Administration disaster loan applications deadline is Jan. 4
The U. S. Small Business Administration (SBA) extended the deadline for severe storms and flooding survivors in South Carolina to submit applications for physical damage to Jan. 4, 2016. Only five days are left, so apply now! The SBA just approved over $116 million in disaster loans for businesses and residents in South Carolina affected by the October disaster. SBA does more than help businesses to start, grow and succeed.
In times of disasters, the agency provides financial assistance, in the form of low-interest loans to businesses of all sizes, non-profit organizations, homeowners and renters to help them recover from declared disasters. Why should someone apply to the SBA for help? Many individuals may not receive enough money from grant, insurance and other sources to get them back to where they were before the disaster. That’s where the SBA comes in; to fill the gap and help people rebuild and return to normalcy.
The disaster loans make recovery more affordable with rates as low as 4 % for businesses, 2.625 % for loans to non-profits and 1.875% for home loans, and terms up to 30 years. The SBA encourages everyone affected by this disaster to register with the Federal Emergency Management Agency FEMA at 1-800-621-3362 or on line at www.disasterassistance.gov The will contact all the individuals and businesses referred by FEMA to the SBA and provide options for them to choose the most convenient way to apply for disaster loan assistance.
Those referred to the SBA should submit their disaster loan applications before the Jan. 4 deadline for physical property damage, even if they do not want a loan. If SBA determines a homeowner or renter cannot afford a loan, they will be referred back to FEMA for additional grant considerations. The fastest and most convenient way to obtain a loan decision from the SBA is by applying online using the Electronic Loan Application at https://disasterloan.sba.gov/ela.
Some may choose to visit the closest recovery center for one-on-one assistance. Others may ask to mail them an application, or they can download it from www.sba.gov. SBA’s Customer Service Center at 800-659-2955 (TTY 800-877-8339) can provide more information about the disaster loan program or locations of the closest recovery center. No appointment is needed to meet with SBA representatives. SBA is here to help, but survivors should take the first step by registering for assistance and submitting the SBA application before the deadline of Jan. 4, 2016.