SBA Low-interest Loans Available to Qualifying Businesses, Homeowners, and Renters Affected by November Tornado  

REISTERSTOWN, Md. (December 7, 2018) — The Maryland Emergency Management Agency (MEMA) announced today that the U.S. Small Business Administration (SBA) has approved Governor Larry Hogan’s request for a physical disaster declaration for Carroll County following an EF-1 tornado that occurred on November 2, 2018.

This declaration allows affected businesses, homeowners, and renters whose properties had damages and meet certain criteria to apply for low-interest loans for repairs. People who live in contiguous counties, including Baltimore, Frederick, and Howard counties, are also eligible to apply.

“We understand how profoundly a disaster like a tornado can affect our Maryland homeowners, residents, and businesses,” said Governor Hogan. “These loans are a key component of the recovery process and crucial in the rebuilding process. Our administration’s support of these communities will continue as we recover and rebuild as quickly as possible.”

Here are some details to help those affected by the November 2 tornado:

• Businesses and nonprofit 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.
• 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.
• The SBA has worked with Carroll County and MEMA to establish a Disaster Loan Outreach Center (DLOC) and other methods for residents to apply in the coming days.
• SBA’s customer service representatives are available at the DLOC to answer questions about the disaster loan program and help individuals complete their applications. The Center is located in the following community and is open as indicated:

Carroll County

Carroll County Public Library - Mount Airy Branch

Address:

705 Ridge Ave. Mt. Airy, MD 21771

Hours:

Dec 11: 11:00 a.m. – 6:00 p.m.

Dec 12 through Dec 14: 9:00 a.m. – 6:00 p.m.

Dec 15: 10:00 a.m. – 2:00 p.m.

Dec 16: Closed

Dec 17: 9:00 a.m. – 6:00 p.m.

Dec 18: 9:00 a.m. – 4:00 p.m.

Carroll County Officials requested a SBA damage assessment through the Maryland Emergency Management Agency (MEMA). Preliminary damage assessments were recently completed and validated that Carroll County was eligible for a SBA physical disaster declaration.

The SBA provides low-interest disaster loans to businesses of all sizes, private non-profit organizations, homeowners, and renters. For more information, please visit www.sba.gov.

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CONTACT:

Ed McDonough, ed.mcdonough@maryland.gov, 410-446-3333

Jorge Castillo, jorge.castillo@maryland.gov, 443-381-3518

24/7 line: 1-877-636-2872