ATLANTA, Aug. 6 /EMWNews/ -- More than $50 million in

U.S. Small Business Administration Disaster Assistance Loans have been

approved for residents and business owners in Indiana who were affected by

the severe storms, flooding and tornadoes that occurred on May 30 - June

27, 2008. The deadline to file an application for physical damage is August

11, 2008.



    "Currently, 999 home and business disaster loans have been approved in

the amount of $50,081,200 for affected victims," said Frank Skaggs,

Director of SBA Field Operations Center East in Atlanta. "We are pleased to

be able to get these loans approved so the residents and businesses of

Indiana can start rebuilding and begin resuming their normal lives."



    Victims are urged to register with FEMA by calling 1-800-621-3362

(FEMA). "If you were issued an SBA loan application, complete and return

the application to the SBA before the deadline August 11, even if you don't

want a loan. If SBA is not able to approve a home loan, you will be

referred to FEMA for possible grant assistance. I encourage anyone who has

not completed their disaster loan application to meet with a Customer

Service Representative at one of the Centers located throughout the

disaster area for one-on-one assistance," Skaggs added.



    Disaster loans up to $200,000 are available to homeowners to repair or

replace damaged or destroyed real estate. Homeowners and renters are

eligible up to $40,000 to repair or replace damaged or destroyed personal

property.



    Businesses and non-profit organizations of any size 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 help with the cost of making improvements that protect,

prevent or minimize the same type of disaster damage in the future.



    For small businesses, and most private, non-profit organizations of all

sizes, 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.



    Interest rates are as low as 2.687 percent for homeowners and renters

and 4 percent for businesses with terms up to 30 years. Loan amounts and

terms are set by the SBA and are based upon each applicant's financial

condition.



    To be considered for all forms of disaster assistance, victims must

first call the Federal Emergency Management Agency (FEMA) at 1-800-621-FEMA

(3362).



    Anyone unable to visit one of the Centers may obtain an SBA Disaster

Loan application or program information by calling the SBA's Customer

Service Center at 1-800-659-2955 (or 1-800-877-8339 for the hearing

impaired) Monday through Friday from 8 a.m. to 9 p.m., and Saturday and

Sunday 9 a.m. to 6 p.m. EDT or by emailing our customer service center at

[email protected]. Business loan applications may be

downloaded from http://www.sba.gov/services/disasterassistance. Applications may

be returned to one of the Centers or mailed to: U. S. Small Business

Administration, Processing and Disbursement Center, 14925 Kingsport Road,

Fort Worth, Texas, 76155.



    Victims may now apply for disaster loans from SBA's secure Web site at

https://disasterloan.sba.gov/ela/.



    The filing deadline to return applications for physical property damage

is August 11, 2008. The deadline to return economic injury applications is

March 11, 2009.



    For more information about the SBA's Disaster Loan Programs, visit our

website at http://www.sba.gov/services/disasterassistance.