Saline and Randolph County residents have less than a week to apply for low-interest federal disaster loans to offset physical damage affected by severe storms reported April 23-28.
The U.S. Small Business Administration is reminding eligible businesses, private nonprofit organizations, and residents that the deadline to apply for the loans is October 27. Businesses and nonprofits are eligible to apply for physical disaster loans and may borrow up to $2 million dollars to repair or replace disaster-damaged or destroyed real estate, machinery, and equipment, inventory, and other business assets. Homeowners and renters are eligible to apply for home and personal property loans and may borrow up to $100,000 to replace or repair personal property, such as clothing, furniture, cars, and appliances. Homeowners may apply for up to $500,000 to replace or repair their primary residence.
Applicants may also be eligible for a loan increase of up to 20 percent of their physical damage, as verified by the SBA, for mitigation purposes. Eligible mitigation improvements include strengthening structures to protect against high wind damage, upgrading to wind rated garage doors, and installing a safe room or storm shelter to help protect property and occupants from future damage.
The SBA’s Economic Injury Disaster Loan program is available to eligible small businesses, small agricultural cooperatives, and private nonprofit organizations impacted by financial losses directly related to this disaster. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for aquaculture enterprises. The loan amount can be up to $2 million with interest rates as low as 4 percent for businesses, 3.625 percent for private nonprofits, and 2.875 percent for homeowners and renters with terms of up to 30 years. Interest does not begin to accrue, and monthly payments are not due until 12 months from the date of the initial disbursement. The SBA determines eligibility and sets loan amounts and terms based on each applicant’s financial condition.
Residents can apply online by visiting sba.gov/disaster.