Maryland businesses and residents affected by the remnants of Tropical Storm Ida from August 31 to September 4 can now apply low interest disaster loans of the Small Business Administration (SBA) of the United States.
Details on the loan program are now available, following a recent announcement by Gov. Larry Hogan that $ 4 million in SBA loans will be provided to the state as part of a SBA disaster declaration for the region.
The disaster declaration covers the counties of Anne Arundel, Cecil and Montgomery and the adjacent counties of Baltimore, Baltimore City, Calvert, Frederick, Harford, Howard, Kent, Prince George in Maryland, as well as several neighboring counties of Virginia, Pennsylvania and Delaware.
Loans available through the SBA understand:
- Business Physical Disaster Loans – Business loans to repair or replace property damaged by a business owned disaster, including real estate, inventory, supplies, machinery and equipment. Businesses of any size are eligible. Private non-profit organizations such as charities, churches, private universities, etc. are also eligible.
- Economic Disaster Loans (EDL) – Working capital loans to help small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private non-profit organizations of all sizes meet their ordinary and necessary financial obligations that cannot be fulfilled as a direct consequence of the disaster. These loans are meant to help during the disaster recovery period.
- Disaster Home Loans – Loans to homeowners or tenants to repair or replace real estate and personal property damaged by a disaster, including automobiles.
According to a Montgomery County Press Release, the filing deadline for returning property damage claims is December 17th. The deadline for returning claims for economic damages is July 18, 2022.
The credit terms for SBA loans are as follows:
- Credit History – Applicants must have an acceptable credit history for the SBA.
- Repayment – Applicants must show that they are able to repay all loans.
- Security – Security is required for physical loss loans over $ 25,000 and all EIDL loans over $ 25,000. SBA takes real estate
- as collateral when available. The SBA will not deny a loan for lack of collateral, but will require you to pledge what is available.
Details of the request are available on the SBA website:
- Applicants can apply online, receive additional information about disaster assistance, and download applications at https://disasterloanassistance.sba.gov/ela.
- Applicants can also call the SBA Customer Service Center at (800) 659-2955 or email [email protected] for more information on SBA Disaster Assistance.
- People who are deaf or hard of hearing can call (800) 877-8339. Completed applications should be mailed to US Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
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