ATLANTA, April 16, 2012 /PRNewswire-USNewswire/ -- The U.S. Small Business Administration reminds homeowners, renters, businesses and non-profit organizations of the deadline to submit disaster loan applications for damages due to severe storms, tornadoes, flooding, mudslides and landslides that occurred on Feb. 29 through March 5, 2012. The deadline to file an SBA disaster loan application for physical damage is May 15, 2012.
Anyone with insured losses should not wait for an insurance settlement before applying to the SBA. "If someone does not know how much of their loss will be covered by insurance or other sources, the SBA will consider making a loan for the total loss up to its loan limits, provided they agree to use insurance proceeds to reduce or repay their SBA loan," said Frank Skaggs, director of SBA Field Operations Center East.
Low-interest disaster loans for physical damages are available in: Lincoln, Marion and Wayne in West Virginia.
Interest rates are as low as 1.875 percent for homeowners and renters, 3 percent for non-profit organizations and 4 percent for businesses with terms up to 30 years. The SBA sets the loan amounts and terms based on each applicant's financial condition.
For additional information, call the SBA's Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or send an email to [email protected]. Loan application forms can be downloaded from the SBA's website at www.sba.gov. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.