Homeowners, businesses and nonprofit organizations are eligible for low-interest disaster loans from the U.S. Small Business Administration for physical property damage or economic injury as a result of severe storms and flooding on March 21 to 22 throughout central Ohio. In response to the Coronavirus pandemic, the SBA has opened a Virtual Disaster Loan Outreach Center (VDLOC) via SBA’s secure website to help applicants apply online using an Electronic Loan Application.
The SBA will conduct outreach virtually with webinars, skype calls, phone assistance, step-by-step application assistance and virtual customer support representatives available to assist applicants with completing the online application. The center is open from 8 am to 5 pm, Monday through Friday. Applicants can contact SBA Customer Service Representatives at 571-422-1925, 571-422-6016 or 404-909-1535 to schedule an appointment for immediate one-on-one assistance in completing their applications. Businesses and individuals may also obtain information and loan applications by calling the SBA’s Customer Service Center at 1-800-659-2955
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations, the SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic Injury Disaster Loan assistance is available regardless of whether the business suffered any physical property damage. The filing deadline to return applications for physical property damage is July 20, 2020. The deadline to return economic injury applications is Feb. 22, 2021.
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 3.75 percent for businesses, 2.75 percent for nonprofit organizations, and 1.563 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.