GRIFFIN — The U.S. Small Business Administration opened a Business Recovery Center Friday to assist Georgians applying for SBA disaster loan assistance for losses due to severe storms, straight-line winds and tornadoes that occurred on Jan. 12.
The SBA recovery center is located at the Locust Grove Public Library.
“Our Business Recovery Centers are one of the most powerful resources at SBA’s disposal to support business owners in the midst of a disaster,” said Francisco Sanchez, Jr., associate administrator, office of disaster assistance. “Business owners can meet in-person with our specialists to apply for SBA disaster loans and get information on the full breadth of our programs designed to help them navigate their recovery.”
SBA’s customer service representatives are available in-person to assist business owners and residents in person with filling out an application and answering questions about the disaster loan program, said Michael Lampton, SBA public affairs specialist.
The center will operate from 8 a.m. until 5 p.m. Monday through Saturday until further notice, Garrett said. The center will be closed on Sundays.
According to the SBA, businesses and private nonprofit organizations of any size may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory and other business assets.
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations, Lampton said the SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster.
Economic Injury Disaster Loan assistance is available regardless of whether the business suffered any physical property damage.
Disaster loans up to $200,000 are available to homeowners to repair or replace disaster-damaged or destroyed real estate. Homeowners and renters are eligible for up to $40,000 to repair or replace disaster-damaged or destroyed personal property.
Interest rates are as low as 3.3055% for businesses, 2.375% for nonprofit organizations and 2.313% for homeowners and renters, with terms up to 30 years, according to the SBA
Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition, Lampton added.
Applicants may apply online using the Electronic Loan Application via SBA’s secure website at disasterloanassistance.sba.gov and should apply under SBA declaration #17761.
If online or mobile access is unavailable, call FEMA’s toll-free helpline at 1-800-621-3362.
The filing deadline to return applications for physical property damage is March 17. The deadline for returning economic injury applications is Oct. 16.
