The deadline is approaching for victims of the Memorial Day flooding to apply for relief for physical property damage.

 Applications for low-interest disaster loans from the U.S. Small Business Administration must be returned by September 24, 2018.

About SBA Assistance

The SBA made the loans available in response to a letter from Maryland Go. Larry Hogan requesting a disaster declaration by the SBA for portions of Maryland affected by the May 27 weather event.

The SBA's press release on these loans is available here.

Businesses and private nonprofit organizations may borrow up to $2 million through the SBA to repair or replace disaster damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.

For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations, the SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster.  Economic Injury Disaster Loan assistance is available regardless of whether the business suffered physical property damage.

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.

Applicants may be eligible for a loan amount increase up to 20 percent of their physical damages, as verified by the SBA for mitigation purposes.  Eligible mitigation improvements may include a safe room or storm shelter to help protect property and occupants from future damage caused by a similar disaster.

Interest rates are as low as 3.61 percent for businesses, 2.5 percent for nonprofit organizations, and 1.938 percent for homeowners and renters with terms up to 30 years.  Loan amount and terms are set by the SBA and are based on each applicant’s financial condition.

Deadlines

The deadline to return applications for physical property damage is September 24, 2018.

The deadline to return economic injury applications is April 25, 2019.

How to Apply

Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at DisasterLoan.sba.gov.

Businesses and individuals may also obtain information and loan applications by calling the SBA’s Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and hard-of-hearing), or by emailing disastercustomerservice@sba.gov.

Loan applications can be downloaded at sba.gov. 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.