Director Tanya Garfield of the U.S. Small Business Administration’s Disaster Field Operations Center-West has announced that SBA has approved $10.4 million in federal disaster loans for Missouri businesses and residents impacted by severe storms, tornadoes and flooding that occurred April 29 – July 5, 2019. According to Garfield, SBA has approved $1,246,900 for businesses and $9,153,800 for residents to help rebuild and recover from this disaster.
Garfield encourages businesses and residents in the declared counties who sustained damages are encouraged to register prior to the September 9, 2019, deadline with the Federal Emergency Management Agency at www.disasterassistance.gov.
Businesses of all sizes and private nonprofit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets. The SBA also can lend additional funds to help business and residents with the cost of making improvements that protect, prevent or minimize the same type of disaster damage from occurring in the future.
For small businesses and most private nonprofit organizations of all sizes, SBA offers Economic Injury Disaster Loans to help meet working-capital needs caused by the disaster. Economic injury assistance is available regardless of whether the business suffered any property damage. The deadline to apply for economic injury is April 9, 2020.
Disaster loans up to $200,000 are available to homeowners to repair or replace their damaged or destroyed primary residence. Homeowners and renters are eligible for up to $40,000 to repair or replace damaged or destroyed personal property.
Interest rates can be as low as 4 percent for businesses, 2.75 percent for private, nonprofit organizations and 2.063 percent for homeowners and renters with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant’s financial condition.
Applicants may apply online, receive additional disaster assistance information and download applications at disasterloan.sba.gov/ela. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov.