The U.S. Small Business Administration is offering disaster assistance to businesses and residents affected by the March 26 tornado.
Those impacted by severe weather March 25-26 may apply for low-interest disaster loans from the SBA, including those in Coweta County and Carroll, Fayette, Fulton, Heard, Meriwether, Spalding and Troup counties.
The SBA Disaster Loan Outreach Center is located at the Newnan-Coweta Chamber of Commerce, 23 Bullsboro Drive in Newnan.
The center will be open Monday through Friday from 9 a.m. to 6 p.m. and on one Saturday – July 24 – from 10 a.m. to 2 p.m. It will be closed on Sundays and will close permanently on Thursday, Aug. 5 at 6 p.m.
“The SBA is strongly committed to providing the people of Georgia with the most effective and
customer-focused response possible to assist businesses of all sizes, homeowners and renters with federal disaster loans,” SBA Administrator Isabella Casillas Guzman said. “Getting businesses and communities up and running after a disaster is our highest priority at SBA.”
Customer service representatives will be available at the center to answer questions about the disaster loan program and to help individuals complete their applications.
Because of the ongoing COVID-19 pandemic, the SBA has established protocols to help protect the health and safety of the public. All visitors to the DLOC are encouraged to wear face masks.
“Businesses and private nonprofit organizations may borrow up to $2 million to repair or replace disaster damaged or destroyed real estate, machinery and equipment, inventory and other business assets,” SBA Georgia District Director Terri Denison said.
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 any physical property damage.
“Loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate,” said Kem Fleming, director of SBA’s Field Operations Center East in Atlanta. 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 of 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, sump pump, French drain or retaining wall to help protect property and occupants from future damage caused by a similar disaster.
Interest rates are as low as 3 percent for businesses, 2 percent for nonprofit organizations and 1.25 percent for homeowners and renters, with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.
Applicants may apply online using the electronic loan application via SBA’s secure website at DisasterLoanAssistance.sba.gov/ela/s and should apply under SBA declaration #17041, not for the COVID-19 incident.
Disaster loan information and application forms may also be obtained by calling the SBA’s Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by emailing DisasterCustomerService@sba.gov .
Loan applications may be downloaded at sba.gov/disaster. 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.
The filing deadline to return applications for physical property damage is Sept. 20, 2021. The deadline to return economic injury applications is April 20, 2022.
For more information, visit https://disasterloanassistance...