Aug 25, 2021

Deadline to apply for SBA loan assistance is Friday

Posted Aug 25, 2021 11:34 AM

Residents and businesses of Kansas counties with property damage resulting from flooding May 15-16, 2021, have until Friday to apply for disaster assistance through the Small Business Administration.

The deadline to apply for economic injury is March 28, 2022.

Gov. Laura Kelly requested SBA loan assistance June 25 for residents and businesses in Ellis, Jewell, Lincoln, Mitchell, Osborne, Rooks, Russell and Smith counties.

Applications may be submitted through the SBA Virtual Business Recovery Center and Virtual Disaster Loan Outreach Center, Mondays – Fridays, 8 a.m. – 8 p.m. Eastern Time. [email protected]; (800) 659-2955. Applicants may also apply online, receive additional disaster assistance information and download applications at Individuals who are deaf or hard of hearing may call (800) 877-8339.

Customer service representatives will be available to business owners and individuals to answer questions about SBA’s disaster loan program, explain the application process and help each person complete their electronic loan application.

Businesses of all sizes and private nonprofit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets. SBA can also lend additional funds to businesses and homeowners to help with the cost of improvements to protect, prevent or minimize the same type of disaster damage from occurring in the future.

For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size, SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic injury assistance is available regardless of whether the business suffered any property damage. The deadline for EIDL applications is April 22, 2022.

Disaster loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for up to $40,000 to repair or replace damaged or destroyed personal property.

Interest rates can be as low as 2.88 percent for businesses, 2 percent for private nonprofit organizations and 1.625 percent for homeowners and renters with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant’s financial condition.