The U.S. Small Business Administration is urging Georgia flood victims to apply for disaster assistance loans before the Nov. 23 deadline.
Victims can register with the Federal Emergency Management Agency (FEMA) by calling 1-800-621-FEMA (3362), TTY 1-800-462-7585 for the hearing impaired. Victims must first register with FEMA to be considered for all forms of assistance.
Disaster loans of up to $200,000 are available to homeowners to repair or replace homes damaged by the flooding caused by the storms that began September 18. Homeowners can also apply for loans of up to $40,000 to repair or replace damaged personal property.
If the SBA doesn’t approve a home loan, homeowners and businesses can apply to FEMA for possible grant assistance.
“I encourage anyone who has not completed their disaster loan application to do so and return the application as soon as possible,” said Frank Skaggs, Director of SBA Field Operations Center East.
Businesses and non-profit 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.
The SBA can also lend additional funds to help with the cost of making improvements that protect, prevent or minimize the same type of disaster damage 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. The economic injury loans are available regardless of whether the business suffered any physical property damage.
Interest rates are as low as 2.75 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.
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