Businesses and homeowners in Lawrence County and surrounding areas with property damage from recent storms and flooding at the end of June may be eligible for low-interest loans to help pay for repairs, according to Senator Elder Vogel.
The U.S. Small Business Administration recently declared Lawrence County as a disaster area from weather events between June 26 and July 21, making residents and business in those and surrounding counties eligible for low interest disaster loans through the SBA Disaster Loan Programs. The bordering counties include: Beaver, Butler, and Mercer.
Low-interest loans of up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. SBA regulations permit loans up to $40,000 to repair or replace personal property. Businesses and nonprofits can borrow up to $2 million to restore damaged or destroyed buildings, inventory, equipment and assets. Loan amounts and terms are set by the SBA and are based on each applicant’s financial qualifications.
Information and loan applications are available by calling the SBA’s Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the hearing impaired), weekdays from 8 a.m. to 6 p.m., or by e-mail at email@example.com. Applications for disaster loans are also available at SBA’s website, https://disasterloan.sba.gov/ela. Business loan applications can also be downloaded from the SBA website at www.sba.gov/services/disasterassistance.
The SBA has established a disaster loan outreach center at the Lawrence County Community Action Center, 241 W. Grant St., New Castle. The center will be open August 20 – 27 from 8:30 a.m. to 4:30 p.m., Monday to Friday and from 10 a.m. to 2 p.m. on Saturday, August 24. The office will closed on Sunday, August 25.
The filing deadline to return applications for physical property damage is October 14, 2013. The deadline to return economic injury applications is May 14, 2014.