The U.S. Small Business Administration (SBA) will make available low-interest federal disaster loans to Missouri residents and business owners affected by the severe storms, tornado and flooding that occurred from May 29 through June 10. Low interest federal disaster loans are available to homeowners, renters, businesses of all sizes and private, nonprofit organizations whose property was damaged or destroyed.
Beginning Aug. 6, in conjunction with St. Charles County Government, SBA will open a SBA Disaster Loan Outreach Center in St. Charles. SBA representatives will be on hand to answer questions about SBA’s disaster loan program, explain the application process and help complete applications. A location for St. Louis County residents will also open on Aug. 6 at the St. Louis County Department of Health in Berkeley.
St. Charles County’s Disaster Loan Outreach Center is at 400 N. Second St. (on the northeast corner of N. Second Street and Adams Street to the north of the County Courthouse), in St. Charles. Parking is available on the north side of the building off Second Street Center hours are 9 a.m. until 6 p.m. Monday through Friday. No appointment is necessary. The center will close at 6 p.m., Thursday, Aug. 22.
A release from the SBA states:
* Disaster loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for up to $40,000 to repair or replaced damaged or destroyed personal property.
* Businesses of any size 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. SBA can also lend additional funds to homeowners and businesses to help with the cost of making improvements that protect, prevent or minimize the same type of disaster damage from occurring in the future.
* Interest rates can be as low as 1.875 percent for homeowners and renters, 2.875 percent for private, nonprofit organizations and 4 percent for businesses, 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 using the Electronic Loan Application (ELA) via SBA’s secure Web site at https://disasterloan.sba.gov/ela.
* Disaster loan information and application forms are also available from SBA’s CustomerServiceCenter by calling 800-659-2955 or emailing disastercustomerservice@sba.gov. Individuals who are deaf or hard of hearing may call 800-877-8339. For more information about SBA’s disaster assistance programs, visit http://www.sba.gov/disaster.
* The deadline to return applications for property damage is Oct. 1, 2013. The deadline to return economic injury applications is May 2, 2014.