Low-interest federal disaster loans are available to Missouri businesses and residents impacted by March 14 and 15 severe storms, straight-line winds, tornadoes and wildfires in Howell, Oregon, Ozark and Wright counties locally.
The Federal Emergency Management Agency partners with other agencies to help meet the needs of disaster survivors, including the U.S. Small Business Administration. SBA offers low-interest disaster loans not only to businesses but also to homeowners and renters in a declared major disaster area, officials explained.
SBA is the largest source of funds for privately damaged properties after a disaster, said officials, noting SBA loans are funded through the U.S. Treasury. The program offers loans for the underinsured or uninsured and covers losses not fully compensated by insurance or other recovery resources. The program covers deductibles and increased cost of compliance post disaster. Survivors should not wait for an insurance settlement before submitting an SBA loan application.
Interest rates can be as low as 2.75% for homeowners and renters with terms up to 30 years, said officials. Loan amounts and terms are set by SBA and are based on each applicant’s financial condition. SBA offers a 12-month deferment from the date of the first loan disbursement with no accrual during that period, they added.
Homeowners may be eligible for a disaster loan up to $500,000 for primary residence repairs or rebuilding. SBA may also be able to help homeowners and renters with up to $100,000 to replace important personal property, including automobiles damaged or destroyed in the disaster, officials said.
Businesses of all sizes and private nonprofit organizations may borrow up to $2 million to repair or replace damaged property, destroyed real estate, machinery and equipment, inventory and other business assets, they continued. SBA can also lend additional funds to help with the cost of improvements to protect, prevent or minimize 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 to help meet working capital needs caused by the disaster. Economic injury assistance is available to businesses regardless of any property damage.
If an application is approved, the applicant is not obligated to accept an SBA loan.
People may apply online using the Electronic Loan Application via the SBA’s secure website at MySBA Loan Portal (lending.sba.gov/) or by visiting a Disaster Recovery Center.
DRCs are set up from 8 a.m. to 7 p.m. today at the Bakersfield Schools campus on O Highway in Ozark County and at the West Plains Civic Center, 110 St. Louis St. West Plains’ DRC will continue to be open for the same hours Thursday and Friday.
Loans are also available to residents who sustained weather damage in Bollinger, Butler, Camden, Carter, Franklin, Iron, Jefferson, Perry, Phelps, Reynolds, Ripley, St. Louis, Wayne and Webster counties.
