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BALTIMORE, MD. — Baltimore City residents
and businesses affected by severe flooding in Baltimore City on May 27, 2018,
can apply for low-interest disaster loans from the U.S. Small Business
Administration.
“The City and the SBA
are strongly committed to providing the people of Baltimore with
the most effective and customer-focused response possible to assist businesses
of all sizes, homeowners and renters with federal disaster loans,” said
Baltimore City, Emergency Management Director David McMillan. “Getting
residents and the community back on their feet after a disaster is our highest
priority.”
SBA’s 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 Centers are
located as follows and are open as indicated:
Baltimore City
Stillmeadow Evangelical Free Church
5110 Frederick Ave.
Baltimore, MD 21229
Opening: Tuesday, July 31 at 11 a.m.
Hours: 9 a.m. – 6 p.m., weekdays
Saturday, Aug. 4 from 10 a.m. to 2 p.m.
Closed: Sunday, Aug. 5
Closes: Tuesday, Aug. 7 at 4 p.m.
“Businesses and
private nonprofit organizations may borrow up to $2 million to repair or
replace disaster damaged or destroyed real estate, machinery and equipment,
inventory, and other business assets,” continued McMillan.
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.
In addition, 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.
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 to help protect property
and occupants from future damage caused by a similar disaster.
Interest rates are as
low as 3.61 percent for businesses, 2.5 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.
Individuals and
business 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 disastercustomerservice@sba.gov(link sends e-mail). Loan applications can also be downloaded
at www.sba.gov.
Completed applications should be returned to the center or 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 Sept. 24, 2018.
The deadline to return economic injury applications is April 25, 2019.
Internet
Address: http://www.sba.gov
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