NEW SMYRNA BEACH -- Congresswoman Suzanne Kosmas, D-New Smyrna Beach, today encouraged small business owners in Volusia County who have been affected by recent flooding to apply for federal disaster loans available through the Small Business Administration.
Any business or private, non-profit organization that is located in a declared disaster area and has incurred uninsured damage during the disaster may apply for a low-interest loan of up to $2 million to help repair or replace damaged property to its pre-disaster condition.
"Small businesses have been hit hard by these devastating floods and I want to be sure business owners are aware that the SBA's disaster loan program is available to help them in the recovery process," Congresswoman Kosmas said. "I strongly encourage any uninsured small
business owners who have suffered damage to apply for this important assistance."
Small businesses interested in the disaster loan program should visit https://disasterloan.sba.gov/ela/
to apply or call the SBA's Disaster Assistance Customer Service Center at 1-800-659-2955.
FAST FACTS
Details of the SBA Disaster Loan Program are as follows:
If a business or private, non-profit organization - large or small - has suffered physical damage as a result of a disaster, one may be eligible
for financial assistance from the U.S. Small Business Administration.
Any business or private, non-profit organization located in a declared disaster area and has incurred damage during the disaster may apply for a loan to help repair or replace damaged property to its pre-disaster condition. The SBA makes physical disaster loans of up to $2 million
to qualified businesses or private, non-profit organizations.
General Program Requirements:
SBA loans will cover uninsured physical damage. If you are required to apply insurance proceeds to an outstanding mortgage on the damaged property, you can include the amount applied in your disaster loan.
Charitable, religious, nonprofit and similar organizations with the ability to obtain credit elsewhere are eligible for physical disaster loans for up to 30 years at an interest rate based upon a different statutory formula. Please contact the SBA's Disaster Assistance Customer Service Center at 1-800-659-2955 for the current interest rate.
The maximum maturity for such business disaster loans is 30 years. However, the actual maturity is based on your ability to repay the loan.
Maximum Loan Amount: $2 million.