Maryland businesses and residents affected by the remnants of Tropical Storm Ida on Aug. 31 through Sept. 4, may now apply for low-interest disaster loans from the U.S. Small Business Administration (SBA).
Details on the loan program are now available, following a recent announcement from Governor Larry Hogan that $4 million in SBA loans will be provided for the state under a SBA disaster declaration for the region.
The disaster declaration covers Anne Arundel, Cecil and Montgomery Counties and the adjacent counties of Baltimore, Baltimore City, Calvert, Frederick, Harford, Howard, Kent, Prince Georges in Maryland, as well as several counties in nearby Virginia, Pennsylvania, and Delaware.
Loans available through the SBA include:
- Business Physical Disaster Loans – Loans to businesses to repair or replace disaster-damaged property owned by the business, including real estate, inventories, supplies, machinery, and equipment. Businesses of any size are eligible. Private, nonprofit organizations such as charities, churches, private universities, etc., are also eligible.
- Economic Injury Disaster Loans (EDL) – Working capital loans to help small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private, non-profit organizations of all sizes meet their ordinary and necessary financial obligations that cannot be met as a direct result of the disaster. These loans are intended to assist through the disaster recovery period.
- Home Disaster Loans – Loans to homeowners or renters to repair or replace disaster-damaged real estate and personal property, including automobiles.
According to a Montgomery County press release, the filing deadline to return applications for physical property damage is Dec. 17. The deadline to return economic injury applications is July 18, 2022.
Credit requirements for the SBA loans are as follows:
- Credit History – Applicants must have a credit history acceptable to SBA.
- Repayment – Applicants must show the ability to repay all loans.
- Collateral – Collateral is required for physical loss loans over $25,000 and all EIDL loans over $25,000. SBA takes real estate
- as collateral when it is available. SBA will not decline a loan for lack of collateral but requires you to pledge what is available.
Application details are available on the SBA’s website:
- Applicants may apply online, receive additional disaster assistance information, and download applications athttps://disasterloanassistance.sba.gov/ela.
- Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or emaildisastercustomerservice@sba.gov for more information on SBA disaster assistance.
- Individuals who are deaf or hard-of-hearing may call (800) 877-8339. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
Learn more about the SBA Disaster Declaration Loan Program.
Read the Montgomery County press release on the declaration and available loans.
Previous Conduit Street Blog coverage of Tropical Storm Ida:
