SBA disaster loan process starts today for flood victims

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November 13, 2009

SBA centers open in Floyd, Clark counties

By DANIEL SUDDEATH The News and Tribune Fri Nov 13, 2009, 12:27 AM EST

The U.S. Small Business Administration opened disaster loan centers in Clark and Floyd counties today.

Victims of the Aug. 4 flood can apply for low-interest SBA loans, as representatives will be on hand at the centers to answer questions and issue applications.

“Loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate,” stated Frank Skaggs, director of SBA’s disaster Field Operations Center in Atlanta, in a news release.

“Homeowners and renters are eligible for loans up to $40,000 to repair or replace damaged or destroyed personal property.”

The Floyd SBA center is located at 1613 E. Spring St., Suite 4, in New Albany. The Clark location is at Clarksville Town Hall in the second floor Executive Conference Room.

The centers are open from 8 a.m. to 4:30 p.m. today, and will run from 9 a.m. to noon Saturday. They will be closed Sunday and reopen from 8 a.m. to 4:30 p.m. Monday through Thursday.

In addition to homeowners, businesses will be able to take loans for repairs.

“Businesses and nonprofit organizations of any size may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets,” said Gail Gessell, SBA’s Indiana district director.

Interest rates for the loans can be as low as 2.75 percent for shomeowners and renters, and 4 percent for businesses, with the duration of the loans lasting up to 30 years.

The amount and terms of the loan is based on the financial status of the applicants and determined by the SBA.

Small businesses and most nonprofits can apply for Economic Injury Disaster Loans, which cover capital needs brought by the flood. Businesses can apply for the loan regardless of whether it suffered physical property damage.

Interested parties unable to make it to one of the centers can receive an application by calling SBA at 1-800-659-2955, or 1-800-877-8339 for the hearing impaired.

Applications can also be obtained via email at disastercustomerservice@sba.gov.

Though the Federal Emergency Management Agency denied Indiana’s plea for disaster aid, the SBA announced it would make loans available to Bartholomew, Decatur, Harrison, Jackson, Jefferson, Ripley, Scott, Washington, Clark and Floyd counties Nov. 4.

“The SBA is strongly committed to providing the people of Indiana with the most effective and customer-focused response possible to assist homeowners, renters and businesses of all sizes with federal disaster loans,” SBA Administrator Karen Mills said.

SO YOU KNOW

• Filing deadline for SBA applications for physical damage to homes, personal property and businesses is Jan. 5, 2010.

• Filing deadline for SBA applications for economic loss is Aug. 6, 2010.

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