U.S. Small Business Administration offering loan assistance to areas impacted by March 3 tornadoes

WASHINGTON — Georgia businesses and residents affected by the severe weather system on March 3 can apply for low-interest disaster loans from the U.S. Small Business Administration, Administrator Linda McMahon announced Monday.

McMahon made the loans available in response to a letter from Gov. Brian Kemp on March 13, requesting a disaster declaration by the SBA. The declaration covers the counties of Grady and Talbot and the adjacent counties of Chattahoochee, Decatur, Harris, Marion, Meriwether, Mitchell, Muscogee, Taylor, Thomas and Upson.

“The SBA is strongly committed to providing the people of Georgia with the most effective and customer-focused response possible to assist businesses of all sizes, homeowners and renters with federal disaster loans,” McMahon said. “Getting businesses and communities up and running after a disaster is our highest priority at SBA.”

Customer service representatives from SBA will be available at disaster loan outreach centers to answer questions about the loan program and help individuals complete their applications. The centers are located in the following communities and are open as indicated:

— Grady County: Grady County Agriculture Center, 65 11th Ave., Northeast, Cairo. Opens at 11 a.m. today. Hours are 9 a.m.-6 p.m. weekdays, 10 a.m.-2 p.m Saturday, closed Sunday. Closes at 4 p.m. on March 27.

— Talbot County: 50 W. Monroe St., Talbotton. Opens at 11 a.m. today. Hours are 9 a.m.-6 p.m. weekdays, 10 a.m.-2 p.m. Saturday, closed Sunday. Closes at 4 p.m. on March 27.

“Businesses and private nonprofit organizations may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory and other business assets,” SBA Georgia District Director Terri Denison said.

For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations, the SBA offers economic injury disaster loans to help meet working capital needs caused by the disaster. Officials said economic injury disaster loan 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,” Kem Fleming, center director of SBA’s Field Operations Center East in Atlanta, said.

Officials said applicants may be eligible for a loan amount increase up to 20 percent of their physical damages, as verified by the SBA for mitigation purposes. Eligible mitigation improvements may include a safe room or storm shelter, sump pump, French drain or retaining wall to help protect property and occupants from future damage caused by a similar disaster.

Officials said interest rates are as low as 4 percent for businesses, 2.75 percent for nonprofit organizations, and 2.063 percent for homeowners and renters with terms up to 30 years. Loan amount and terms are set by the SBA and are based on each applicant’s financial condition.

Applicants may apply online using the electronic loan application via SBA’s website at www.disasterloan.sba.gov. Businesses and individuals may also obtain information and loan applications by calling the SBA’s Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and hard-of-hearing), or by emailing [email protected].

Loan applications can also be downloaded at www.sba.gov. Completed applications should be returned to the centers or mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, Texas 76155. The filing deadline to return applications for physical property damage is May 17, while the deadline to return economic injury applications is Dec. 18.

The SBA is a resource and voice for small businesses backed by the strength of the federal government meant to empower entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through a network of SBA field offices and partnerships with public and private organizations.

To learn more, visit www.sba.gov.