Sacramento, CA – Edward Cadena, Director of the U.S. Small Business Administration’s (SBA) Nevada District office, reminded Washoe County residents today that SBA will close its Disaster Loan Outreach Center in Reno at 1 pm on Friday, December 23.
“SBA opened the center to provide personalized assistance to Nevada residents and business owners affected by the Caughlin Fire that occurred in Reno from November 18 - 21, 2011. Until the center closes, SBA customer service representatives will continue to be available to meet with residents and business owners to answer all of their questions, explain SBA’s disaster loan program, issue applications and to help them complete their applications,” said Cadena.
Residents and business owners can meet with SBA representatives on the days and times indicated. No appointment is necessary.
Disaster Loan Outreach Center
City of Reno
Community and Business Services Center
(Corner of Sinclair & Stewart Streets)
450 Sinclair Street, 3rd Floor
Reno, NV 89505
Mondays through Fridays, 8 am to 5 pm
Closes Friday, December 23 at 1 pm
“Historically in fire disasters SBA has found that most property owners have insurance coverage. However, SBA has found that for many property owners their insurance does not cover the full loss. SBA’s disaster loans are available to cover the gap between the cost of rebuilding and the amount of insurance settlements. It is not necessary to wait for insurance settlements before applying to SBA,” continued Cadena.
Disaster loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for up to $40,000 to repair or replace damaged or destroyed personal property.
Businesses of any size and private, nonprofit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets. SBA can also lend additional funds to homeowners and businesses to help with the cost of making improvements that protect, prevent or minimize the same type of disaster damage from occurring in the future.
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private, nonprofit organizations of any size, 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 property damage.
Interest rates can be as low as 2.063 percent for homeowners and renters, 3 percent for private, nonprofit organizations and 4 percent for businesses, with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant’s financial condition.
Applicants may apply online using SBA’s secure Web site at https://disasterloan.sba.gov/ela.
Disaster loan information and application forms are also available from SBA’s Customer Service Center by calling (800) 659-2955, emailing firstname.lastname@example.org or visiting SBA’s Web site at www.sba.gov/services/disasterassistance. Individuals who are deaf or hard-of-hearing may call (800) 877 8339.
The filing deadline to return applications for property damage is February 6, 2012. The deadline to return economic injury applications is September 7, 2012.
For more information, visit SBA’s Web site at www.sba.gov.
SBA Field Operations Center - West, P.O. Box 419004, Sacramento, CA 95841
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