FEMA/SBA: LOW INTEREST DISASTER LOANS AVAILABLE

  

Officials with FEMA and the U.S. Small Business Administration remind businesses and nonprofit organizations that sustained damage or losses from the May storms and floods can apply for a low-interest disaster loan to help with their recovery.

Federal Coordinating Officer William J. Doran III says SBA disaster loans are the major source of federal disaster recovery aid.  Doran, who is in charge of FEMA’s operations in Texas says the interest rates on the loans are as low as 4 percent for businesses and 2.6 percent for nonprofits for the life of the loan.

SBA offers two types of disaster loans to businesses, small agricultural cooperatives, aquaculture and most nonprofits, including faith-based ones: physical disaster loans and economic injury disaster loans.

The deadline to file for a physical damage disaster loan is August 10. The deadline for an economic injury disaster loan is March 11 of 2017.

Applicants may apply online using the electronic loan application via SBA’s secure website at DisasterLoan.sba.gov.

Disaster loan information, application forms and a list of counties eligible for assistance are available online at SBA.gov/disaster, from SBA’s Customer Service Center at 800-659-2955 or by emailing DisasterCustomerService@sba.gov.