The U.S. Small Business Administration (SBA) will make available low-interest federal disaster assistance loans to Missouri and Illinois residents and business owners affected by the severe storms, tornado and flooding that occurred from May 29-June 10. Low interest federal disaster loans are available to homeowners, renters, businesses of all sizes and private, nonprofit organizations whose property was damaged or destroyed.
The disaster declaration makes SBA assistance available in St. Louis City, St. Charles, St. Louis, Franklin, Jefferson, Lincoln and Warren Counties in Missouri; and the neighboring Illinois counties of Calhoun, Jersey, Madison, Monroe and St. Clair.
In conjunction with county government offices, the Small Business Administration opened SBA Disaster Loan Outreach Center in St. Charles and St. Louis Counties on August 6. SBA representatives will be on hand to answer questions about SBA’s disaster loan program, explain the application process and help complete applications.
St. Charles County Location
St. Charles County’s Disaster Loan Outreach Center is located at 400 N. Second St. (on the northeast corner of N. Second St. and Adams St. to the north of the County Courthouse), St. Charles, MO 63301.
Parking is available on the north side of the building off Second St. Center hours are 9 a.m. – 6 p.m. Monday through Friday. No appointment is necessary. The center will close on Thursday, Aug. 22 at 6 p.m.
St. Louis County Location
St. Louis County’s Disaster Loan Outreach Center is located at the St. Louis County Department of Health office in Berkeley, 6121 N. Hanley Rd., Berkeley, MO 63134. Hours are 8 a.m. – 5 p.m. Monday through Friday. No appointment is necessary. The center will close on Thursday, Aug. 22 at 6 p.m.
SBA Offers Disaster Assistance
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 replaced 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.
Interest rates can be as low as 1.875 percent for homeowners and renters, 2.875 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 the Electronic Loan Application (ELA) via 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 or emailing firstname.lastname@example.org. Individuals who are deaf or hard of hearing may call (800) 877-8339. For more information about SBA’s disaster assistance programs, visit http://www.sba.gov/disaster.
The deadline to return applications for property damage is Oct. 1, 2013. The deadline to return economic injury applications is May 2, 2014.