The U.S. Small Business Administration (SBA) will open an SBA Disaster Loan Outreach Center (DLOC) in Wayne County, Ohio from Tuesday, Sept. 17 through Oct. 1 to serve businesses and residents affected by the heavy rainfall and flooding that occurred on July 21, 2019. The declaration covers Wayne County and the adjacent counties of Ashland, Holmes, Medina, Stark and Summit.
SBA Customer Service Representatives will be available at the Disaster Loan Outreach Center to answer questions about the disaster loan program and help individuals complete their applications. The center will be located in the American Red Cross Building, 244 W. South Street, Wooster. It will open on weekdays from 9 a.m. to 6 p.m. and Saturdays Sept. 21 and 28 from 10 a.m. to 2 p.m.
“Loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for loans up to $40,000 to repair or replace damaged or destroyed personal property,” said Kem Fleming, center director of SBA Field Operations Center East in Atlanta.
Applicants may be eligible for a loan amount increase up to 20 percent of their physical damages, as verified by the SBA for mitigation purposes. Eligible mitigation improvements may include a safe room or storm shelter, sump pump, French drain or retaining wall to help protect property and occupants from future damage caused by a similar disaster.
Interest rates are as low as 4 percent for businesses, 2.75 percent for nonprofit organizations, and 1.938 percent for homeowners and renters with terms up to 30 years. Loan amount and terms are set by the SBA and are based on each applicant’s financial condition. Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at DisasterLoan.sba.gov.
Businesses and individuals may also obtain information and loan applications by calling the SBA’s Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and hard-of-hearing), or by emailing email@example.com. Loan applications can also be downloaded at www.sba.gov. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The filing deadline to return applications for physical property damage is Nov. 4, 2019. The deadline to return economic injury applications is June 3, 2020.
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