SBA’s Disaster Loans Deadline is August 11

    ATLANTA, July 14 /EMWNews/ -- The U.S. Small Business

Administration reminds homeowners, renters, businesses and non-profit

organizations located in Indiana of the deadline to submit disaster loan

applications for damage caused 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.



    Homeowners, renters, non-profit organizations and businesses of all

sizes in the following counties are eligible to apply for physical disaster

assistance: Adams, Bartholomew, Brown, Clay, Daviess, Dearborn, Decatur,

Gibson, Grant, Greene, Hamilton, Hancock, Hendricks, Henry, Huntington,

Jackson, Jefferson, Jennings, Johnson, Knox, Lawrence, Madison, Marion,

Monroe, Morgan, Owen, Parke, Pike, Posey, Putnam, Randolph, Ripley, Rush,

Shelby, Sullivan, Tippecanoe, Vermillion, Vigo, Washington and Wayne.



    The SBA offers loans up to $200,000 to repair disaster damaged primary

residences. Homeowners and renters are eligible for loans up to $40,000 to

replace personal property such as furniture, appliances and clothing. Loans

to businesses of all sizes and non-profit organizations are available up to

$2 million to repair damage to real estate, machinery, inventory and

equipment.



    SBA Economic Injury Disaster Loans (EIDLs) are available to small

businesses, and private non-profit organizations of all sizes to help meet

working capital needs caused by the disaster. EIDL assistance is available

regardless of whether the business suffered any property damage.



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

and 4.000 percent for businesses with terms up to 30 years. Loan amounts

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

condition.



    Additionally, disaster victims with insurance should not wait for an

insurance settlement before applying to the SBA. If victims do not know how

much of their loss will be covered by insurance or other sources, the SBA

will consider making a loan for the total loss up to its loan limits,

provided the borrower agrees to use insurance proceeds to reduce or repay

their SBA loan.



    The SBA also offers mitigation loans to disaster victims based on 20

percent of the verified physical loss. These funds are designed to help

borrowers pay for protective measures which may prevent damages of the same

kind in the future.



    Anyone unable to visit one of the Centers located throughout the

disaster area may obtain an application by calling the SBA's Customer

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

Monday through Friday from 8 a.m. until 9 p.m., and Saturday and Sunday

from 9 a.m. until 6 p.m. EDT or by emailing the Customer Service Center at

[email protected]. Business loan applications can also be

downloaded from the SBA website at http://www.sba.gov/services/disasterassistance.

Completed applications should be returned to the Centers 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 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.