According to U.S. Small Business Administration (SBA) Administrator Maria Contreras-Sweet, low-interest federal disaster loans are now available to Missouri businesses and residents affected by the severe storms, tornadoes, straight-line winds and flooding that occurred between May 15 and July 27, 2015.
Contreras-Sweet said the SBA acted under its own authority to declare a disaster following the denial of the state’s request for a major disaster declaration on August 13, 2015.
The disaster declaration makes SBA assistance available in Franklin, Jefferson, Lewis, Lincoln, Marion, Monroe, Montgomery, Pike, Ralls, Shelby, St. Charles, St. Francois, St. Louis, Ste. Genevieve, Warren and Washington counties in Missouri; and Adams, Calhoun, Monroe and Pike counties in Illinois.
“SBA is strongly committed to providing Missouri with the most effective and customer-focused response possible, and we will be there to provide access to federal disaster loans to help finance recovery for businesses and residents affected by the disaster,” said Contreras-Sweet. “Getting our businesses and communities up and running after a disaster is our highest priority at SBA.”
“Low-interest federal disaster loans are available to businesses of all sizes, most private nonprofit organizations, homeowners and renters whose property was damaged or destroyed by this disaster,” added SBA’s St. Louis District Director Dennis Melton. “Beginning Thursday, August 20, SBA representatives will be on hand at the following Disaster Loan Outreach Centers to answer questions about SBA’s disaster loan program, explain the application process and help each individual complete their application.”
The centers will be open on the days and times indicated below.
No appointment is necessary.
The Lincoln County Disaster Loan Outreach Center is located in the Community Room of the Lincoln County Health Department at 5 Health Department Drive in Troy.
It opened on Aug. 20 at 8 a.m. and is now open Monday through Friday from 8 a.m. until 4:30 p.m.
They will be closed on Sept. 7 in observance of Labor Day.
The center will close on Sept. 10 at 4:30 p.m.
The application filing deadline for physical damage is Oct. 19.
Types of disaster loans available include home disaster loans, business physical disaster loans and economic injury disaster loans.
Applicants must have a credit history that is acceptable to the SBA, must show the ability to repay all loans, and must provide collateral for physical damage loans over $14,000 and for economic injury disaster loans over $25,000.
The SBA takes real estate as collateral when it is available.
The SBA will not decline a loan for lack of collateral, but requires individuals to pledge what is available.
The law authorizes loan terms up to a maximum of 30 years.
However, the law restricts businesses with credit available elsewhere to a maximum 7-year term.
The SBA sets the installment payment amount and corresponding maturity based upon each borrower’s ability to repay.
SBA regulations limit home loans to $200,000 for the repair or replacement of real estate and $40,000 to repair or replace personal property.
The law limits business loans to $2,000,000 for the repair or replacement of real estate, inventories, machinery, equipment and all other physical losses.
The law limits economic injury disaster loans to $2,000,000 for alleviating economic injury caused by the disaster.
For more information, including restrictions on loan eligibility, help with funding mitigation improvements, help with refinancing, and insurance requirements for loans, consumers are encouraged to contact the SBA’s Disaster Assistance Customer Service Center by calling (800) 659-2955.
Communication via email is also an option at firstname.lastname@example.org and many questions can be answered by visiting the center’s website at www.sba.gov/disaster.
Applicants may apply online using the Electronic Loan Application (ELA) via the SBA’s secure website at https://disasterloan.sba.gov/ela.