WASHINGTON – Residents and businesses affected by the severe storms and flooding that occurred Dec. 17, 2009 in Broward County, Fla. can apply for low-interest disaster loans from the U.S. Small Business Administration, SBA Administrator Karen G. Mills announced today.
Administrator Mills made the loans available in response to a letter dated Dec. 23 from Florida Gov. Charlie Crist, requesting a disaster declaration by the SBA. The declaration covers Broward County and the adjacent counties of Collier, Hendry, Miami-Dade and Palm Beach in Florida.
“The SBA is strongly committed to providing the people affected by these storms and floods with the most effective and customer-focused response possible, to assist homeowners, renters, and businesses of all sizes with federal disaster loans,” said Administrator Mills. “Getting our businesses and communities up and running after a disaster is our highest priority.”
“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,” said Director Frank Skaggs of SBA’s Disaster Field Operations Center in Atlanta. SBA’s customer service representatives will be on hand at the Disaster Loan Outreach Center to issue loan forms, answer questions about the SBA’s disaster loan program, explain the process and help individuals complete their applications.
The Center will be located in the following community and will open as indicated:
SBA Disaster Loan Outreach Center (DLOC)
Town of Pembroke Park – City Hall
3150 SW 52nd Avenue
Pembroke Park FL 33023
Opens: Tue, Jan 5 at 8:30 am
Open: Tue, Jan 5 – Thu., Jan 14 from 8:30 a.m. to 5:00 p.m.
(closed Sat/Sun Jan 9 & 10)
Closing: Thursday, January 14 at the close of business
“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,” said Francisco A. Marrero, SBA’s South Florida district director.
The SBA also provides mitigation funds to disaster victims up to 20 percent of the verified physical damage. These funds are designed to help borrowers pay for protective measures to minimize damages of the same kind in the future.
For small businesses, and most private non-profit organizations of all sizes, 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.
Interest rates are as low as 2.562 percent for homeowners, renters, 4 percent for businesses and 3 percent for non-profit organizations with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.
Individuals and businesses unable to visit the Center in person may obtain information and loan applications by calling the SBA’s Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the hearing impaired), Monday through Friday from 8 a.m. to 6 p.m. EST, or by sending an e-mail to email@example.com. Business loan applications can also be downloaded from the SBA Web site at www.sba.gov/services/disasterassistance. Completed applications should be returned to the Center or mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
Florida residents affected by the severe storms and flooding may apply for disaster loans from SBA’s secure Web site at https://disasterloan.sba.gov/ela/.
The filing deadline to return applications for physical property damage is March 1, 2010. The deadline to return economic injury applications is September 29, 2010.
For more information about the SBA’s Disaster Loan Programs, visit our Web site at www.sba.gov/services/disasterassistance.