WASHINGTON, D.C. — Indiana businesses and residents affected by severe storms and tornadoes on March 14 are eligible to apply for low-interest disaster loans from the U.S. Small Business Administration, SBA Administrator Isabel Casillas Guzman recently announced.
Administrator Guzman made the loans available in response to a letter from Indiana Governor Eric J. Holcomb on March 27, requesting a disaster declaration by the SBA. Businesses and residents in the declared area can now apply for low-interest disaster loans from the SBA. The declaration covers Randolph County and the adjacent counties of Delaware, Henry, Jay and Wayne in Indiana and Darke in Ohio.
“The SBA is strongly committed to providing the people of Indiana with the most effective and customerfocused response possible to assist businesses of all sizes, homeowners and renters with federal disaster loans,” said Guzman. “Getting businesses and communities up and running after a disaster is our highest priority at SBA.”
To assist businesses and residents affected by the disaster, the SBA will open Disaster Loan Outreach Centers (DLOCs), in Delaware and Randolph counties.
Disaster Loan Outreach Center (DLOC), Delaware County, Selma American Legion, 315 South Albany St., Selma, Ind. 47383, Monday through Friday, 9 a.m. to 6 p.m. They will be closed Saturday, April 6 and Monday, April 8. Hours will be 9 a.m. to 2 p.m. on Saturday, April 13. The office will permanently close on Friday, April 19, 2 p.m.
Disaster Loan Outreach Center (DLOC), Randolph County, Randolph County Family Opportunity Center, 325 Oak St., Winchester, Ind. 47354, Monday through Friday 9 a.m. to 6 p.m. and Saturday, 9 a.m. to 2 p.m. They will be closed on Monday, April 8. The office permanently closes on Friday, April 19, 2 p.m.
Customer Service Representatives will be available at the Centers to answer questions about the disaster loan program and help individuals complete their applications.
“Businesses and private nonprofit organizations may borrow up to $2 million to repair or replace disasterdamaged or destroyed real estate, machinery and equipment, inventory, and other business assets,” said SBA’s Indiana District Director Stacey Poynter.
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations, the SBA offers Economic Injury Disaster Loans (EIDLs) to help meet working capital needs caused by the disaster. EIDL assistance is available regardless of whether the business suffered any physical property damage.
Loans up to $500,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for loans up to $100,000 to repair or replace damaged or destroyed personal property.
Applicants may be eligible for a loan amount increase of 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.
Interest rates are as low as 4% for businesses, 3.25% for nonprofit organizations, and 2.688% for homeowners and renters, with terms up to 30 years. Interest does not begin to accrue, and monthly payments are not due, until 12 months from the date of the initial disbursement. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.
Applicants may apply online and receive additional disaster assistance information at sba.gov/disaster.
Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email [email protected] for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.
The filing deadline to return applications for physical property damage is May 28, 2024. The deadline to return economic injury applications is Dec. 30, 2024.
