ATLANTA, Aug. 28, 2014 /PRNewswire-USNewswire/ -- The U.S. Small Business Administration reminds homeowners, renters, businesses and non-profit organizations in Maryland of the deadline to submit disaster loan applications for damages caused by flooding on June 12, 2014. The deadline to apply for a physical damage disaster loan is
Sept. 29, 2014.
Low-interest disaster loans are available in Allegany and Washington counties and the adjacent counties of Frederick and Garrett in Maryland; Bedford, Franklin, Fulton and Somerset in Pennsylvania; Loudoun in Virginia; and Berkeley, Hampshire, Jefferson, Mineral and Morgan in West Virginia.
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. Businesses and non-profit organizations of any size may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.
For small businesses, small agricultural cooperatives, small aquaculture businesses and most private non-profit organizations of all sizes, the SBA offers Economic Injury Disaster Loans (EIDLs) to help meet working capital needs caused by the disaster. EIDL assistance is available regardless of whether the business suffered any physical property damage.
Interest rates are as low as 2.188 percent for homeowners and renters, 2.625 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.
Applicants may apply online using the Electronic Loan Application (ELA) via SBA's secure website at https://disasterloan.sba.gov/ela.
Disaster loan information and application forms may also be obtained by calling the SBA's Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an email to firstname.lastname@example.org. Loan applications can be downloaded from www.sba.gov/disaster. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The filing deadline to return applications for physical property damage is September 29, 2014. The deadline to return economic injury applications is April 30, 2015.
For more information about the SBA's Disaster Loan Program, visit our website at www.sba.gov/disaster.
Release Number: 14-344, MD 14074/14075
Contact: Michael Lampton
Phone: (404) 331-0333
SOURCE U.S. Small Business Administration