Low Interest Loans Available for Tornado Damage | Local News
The United States Small Business Administration (SBA) is providing disaster relief in the form of low-interest loans to businesses and residents of Marion County who were affected by the March 12 tornado. Affected people in Citrus and Levy counties are also eligible.
An SBA Disaster Loan Awareness Center (DLOC) opened Monday, April 4, at the Ocala Public Library, located at 2720 E. Silver Springs Blvd., and will remain open through Saturday, April 16. april. DLOC hours of operation are Monday through Friday. , from 9 a.m. to 6 p.m. and on Saturday from 10 a.m. to 2 p.m.
Customer service representatives are available at DLOC to answer questions about the loan program and to provide assistance with applications.
Businesses and nonprofits are eligible for loans of up to $2 million for repairs and replacement of damaged assets and real estate. Homeowners can borrow up to $200,000 for similar damage, and landlords and renters are eligible for loans of up to $40,000 to replace or repair personal property.
The amounts and terms of the loans are based on the financial conditions of the applicants. Interest rates are as low as 2.94% for businesses, 1.875% for nonprofits, and 1.438% for homeowners and tenants, with terms up to 30 years.
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private nonprofit organizations, the SBA offers Economic Disaster Loans (EIDLs) to help meet capital needs. turnover caused by the disaster. EIDL loan assistance is available whether or not the business has suffered property damage.
Applicants may be eligible for an increase in the loan amount of up to 20% of their physical damage, as verified by the SBA for mitigation purposes, the SBA said. Mitigation upgrades could include a safe room or storm shelter, sump pump, French drain, or retaining wall to help protect property and occupants from future damage from a similar disaster.
Applicants can apply online using the Electronic Loan Application (ELA) through the SBA’s secure website at DisasterLoanAssistance.sba.gov/ela/s and must apply under SBA statement #17379.
Disaster loan information and application forms can also be obtained by calling the SBA Customer Service Center at 800-659-2955 (if you are deaf, hard of hearing, or have a speech impediment , please dial 7-1-1 to access telecommunications relay services), or by emailing [email protected]
Loan applications can be downloaded from sba.gov/disaster
Completed applications should be returned to the Ocala Public Library Center or mailed to: US Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The deadline for filing property damage claims is May 27, 2022. The deadline for returning economic injury claims is December 28, 2022.
All DLOC visitors are encouraged to wear a face mask.