ATLANTA – The U.S. Small Business Administration reminds homeowners, renters, businesses and non-profit organizations in Somerset County, Maryland of the deadline to submit disaster loan applications for damages caused by Hurricane Sandy between Oct. 26 and Nov. 4. The deadline to apply for physical damages is Feb. 26, 2013.
“Taking time to complete and return the disaster loan application to the SBA is an important part of the recovery process. We encourage all affected businesses, homeowners and renters, and non-profits in Somerset County to apply by the deadline,” said Steve Umberger, district director of SBA’s Maryland district office.
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. Businesses and non-profit 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.
Interest rates are as low as 1.688 percent for homeowners and renters, 3 percent for non-profit organizations and 4 percent for businesses with terms up to 30 years. The SBA sets the loan amounts and terms based on each applicant’s financial condition.
Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at https://disasterloan.sba.gov/ela.
Disaster loan information and application forms may also be obtained by calling the SBA’s Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an email to email@example.com. Loan applications can be downloaded from www.sba.gov. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The filing deadline to return applications for physical damage is February 26, 2013. The deadline to return economic injury applications is September 16, 2013.
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