SBA low-interest loans available for those affected by Aug. 5 heavy rain, flash flooding
Local businesses and residents affected by heavy rain and flash flooding on Aug. 5 can apply for low-interest disaster loans from the U.S. Small Business Administration.
The loans cover those impacted in Fayette, Washington, Westmoreland, Allegheny, Somerset, Armstrong, Cambria and Indiana counties. Gov. Tom Wolf requested a disaster declaration by the SBA earlier this month, which led to the availability of the low-interest loans.
A Disaster Loan Outreach Center will be open at St. Vincent College’s Fred Rogers Center, Room 1 B, starting Wednesday through Sept. 2. The campus is located at 300 Fraser Purchase Road in Latrobe. Hours are Monday through Friday from 9 a.m. to 6 p.m. and Saturday, Aug. 27, from 10 a.m. to 2 p.m. Representatives will be available to answer questions about the program and held individuals complete applications.
Businesses and private nonprofit organizations can borrow up to $2 million to repair or replace damaged or destroyed real estate, equipment, inventory or other business assets. Homeowners can borrow up to $200,000 to repair or replace damaged or destroyed real estate, and homeowners and renters are eligible for up to $40,000 in loans for personal property.
A loan increase of up to 20% of physical damages may also be available for mitigation purposes.
Interest rates are as low as 3.04% for businesses, 1.875% for nonprofit organizations, and 2.188% 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 can also apply online through the Electronic Loan Application (ELA) via SBA’s secure website at DisasterLoanAssistance.sba.gov/ela/s and should apply under SBA declaration No. 17579.
Disaster loan information and application forms can also be obtained by calling the SBA’s Customer Service Center at 800-659-2955 or sending an email to DisasterCustomerService@sba.gov. Loan applications can also be downloaded from sba.gov/disaster.
Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, Texas, 76155.
The filing deadline to return applications for physical property damage is Oct. 18. The deadline to return economic injury applications is May 19, 2023.