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Deadline for SBA disaster assistance loans is May 12

by Minden Press-Herald

The U.S. Small Business Administration is reminding residents the deadline to apply for disaster assistance loans is May 12.

Those eligible are homeowners that received damage from the March 8 floods.

SBA representatives are available at the Disaster Recovery Center to explain and answer questions about SBA’s disaster loan program and help business owners and residents apply.

“Even if you don’t think you have enough damage to apply, it’s best to still have an application on file,” Cynthia Cowell, SBA public information officer said. “Even if you are denied, we can still refer you back to FEMA for assistance.”

Disaster loans up to $200,000 are available to homeowners to repair or replace their damaged or destroyed primary residence as well as up to $40,000 to repair or replace damaged or destroyed personal property.

Cowell says although insurance coverage may cover repairs, SBA can sometimes get homeowners money quicker and they in return pay off the loan with the money from the insurance company.

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.

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. The deadline to apply for an economic injury loan is Dec. 13.

The Disaster Recovery Center is located in the old Regions Bank building on Main Street in Minden and is open from 8 a.m. until 6 p.m. Monday through Saturday.

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