SBA Approves More Than $10 Million in Disaster Loans; Urges Completion and Return of Loan Applications

ATLANTA, July 1 /PRNewswire-USNewswire/ -- More than $10 million in U.S. Small Business Administration Disaster Assistance Loans have been approved for residents and business owners inIndiana who were affected by the severe storms, flooding and tornadoes that occurred on May 30, 2008 and continuing.

"Currently, 191 home and business disaster loans have been approved in the amount of $10,521,700 for affected victims," said Frank Skaggs, Director of SBA Field Operations Center East. "We are pleased to be able to get these loans approved so the residents and businesses ofIndiana can start rebuilding and begin resuming their normal lives."

The SBA Disaster Loan Outreach Center inShelby will close July 3 at the close of business. Disaster Victims are encouraged to visit the Center before it closes for one-on-one assistance. The Center is located at:

Shelby County

Courthouse Annex, Emergency Management. Office - 2nd Floor

25 W. Polk Street

Shelby, IN 46176

Hours: 8 a.m. to 4 p.m.

Closing: Thursday, July 3

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, 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 one of the Customer Service Representatives 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 of any size and private non-profit organizations may borrow up to $1.5 million to repair or replace damaged or destroyed real estate, machinery, equipment, inventory and other business assets.

The interest rates are as low as 2.687 percent for homeowners and renters and 4 percent for businesses. Loan terms can be up to 30 years. Actual loan amounts and terms are set by the SBA, and are based on each applicant's financial condition.

Those unable to visit one of the Centers and who have registered with FEMA 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. to 9 p.m. and Saturday and Sunday from 9 a.m. to 6:00 p.m. EDT or by emailing our customer service center at disastercustomerservices@sba.gov. Business loan applications can also be downloaded from the SBA website at 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 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 www.sba.gov/services/disasterassistance.

SOURCE U.S. Small Business Administration

Copyright © 2008, PRNewswire
Copyright © 2008, NewsBlaze, Daily News

Tags: Banking and Finance, Real Estate, indiana, georgia

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