SBA Disaster Loan Application Deadline Fast Approaches For Indiana Residents Affected By May Storms And Floods

Last updated on Monday, July 17, 2017

(UNDATED) - Time is running out for Indiana businesses and residents affected by severe storms and flooding in May to apply for low-interest disaster loans from the U.S. Small Business Administration (SBA).

In June, SBA Administrator Linda McMahon made loans available to some Indiana residents in response to a letter from Gov. Eric J. Holcomb requesting a disaster declaration. The declaration covers Washington County and the adjacent counties of Clark, Floyd, Harrison, Jackson, Lawrence, and Scott in Indiana.

Applications are due August 11, 2017. Affected businesses and residents can apply using the SBA's secure Electronic Loan Application (ELA) online at disasterloan.sba.gov/ela .

Experts are also available to answer questions through SBA's Disaster Assistance Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and hard-of-hearing), or via email at disastercustomerservice@sba.gov. Loan applications can also be downloaded at www.sba.gov/disaster. Completed downloaded applications can be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

Businesses of any size and 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.

For small businesses, small agricultural cooperatives, small aquaculture businesses and private, nonprofit organizations, the SBA offers Economic Injury Disaster Loans (EIDLs) to help meet working capital needs caused by the disaster. EIDL assistance is available regardless of whether the business suffered any physical property damage.

Loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for loans up to $40,000 to repair or replace damaged or destroyed personal property.

Interest rates are as low as 3.215 percent for businesses, 2.5 percent for nonprofit organizations, and 1.938 percent for homeowners and renters with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant's financial condition.

For more information about the SBA's Disaster Loan Program, visit www.sba.gov/disaster.

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