SBA Offers Disaster Assistance to Maryland Home- and Business Owners Affected by Heavy Rains and Flooding in and around Frederick County

MEMA Encourages Residents with Damages from September 29 Storms to Apply for Low-interest Loans

REISTERSTOWN, MD (December 10, 2015) – The Maryland Emergency Management Agency is encouraging businesses and residents in Frederick County and adjacent counties affected by heavy rains and flooding on September 29, 2015, to apply for low-interest disaster loans from the U.S. Small Business Administration.

“Some areas in Frederick County and other parts of North Central Maryland received heavy, localized damage during this storm,” said MEMA Executive Director Russ Strickland. “These loans have attractive interest rates that might allow those affected by the storm to recover from the damages.”

SBA Administrator Maria Contreras-Sweet made the loans available in response to a letter from Governor Larry Hogan on December 3, requesting a disaster declaration by the SBA. The declaration covers Frederick County and the adjacent counties of Carroll, Howard, Montgomery and Washington Counties in Maryland; Adams and Franklin Counties in Pennsylvania; and Loudoun County in Virginia.

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

Businesses and nonprofit 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 nonprofit 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.

SBA’s customer service representatives are available at the Disaster Loan Outreach Center to answer questions about the disaster loan program and help individuals complete their applications. The Center is located in the following community and is open as indicated:

Frederick County
City of Frederick – Department of Public Works
111 Airport Drive – Room 4
Frederick, MD 21701
Opens: Thursday, Dec. 10 from Noon to 5 p.m.
Hours: 8 a.m. to 5 p.m., weekdays
10 a.m. to 2 p.m., Saturday
Closes: Thursday, Dec. 17 at 4 p.m.

“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,” said Frank Skaggs, director of SBA’s Field Operations Center East in Atlanta.

Interest rates are as low as 4 percent for businesses, 2.625 percent for nonprofit organizations, and 1.875 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 be eligible for a loan amount increase up to 20 percent of their physical damages, as verified by the SBA for mitigation purposes. Some improvements now include a safe room or storm shelter to help protect property and occupants from future damage caused by a similar disaster.

Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at https://disasterloan.sba.gov/ela.

Individuals and businesses 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 disastercustomerservice@sba.gov. Loan applications can also be downloaded at www.sba.gov/disaster. Completed applications should be returned to the center or 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 Feb. 8, 2016.
The deadline to return economic injury applications is Sept. 9, 2016.

MEMA CONTACTS:
Ed McDonough, 410-446-3333 or
ed.mcdonough@maryland.gov
Emily Allen, 410-504-4437 or
emily.allen@maryland.gov
Chas Eby, 410-274-6690 or
chas.eby@maryland.gov

SBA CONTACT: Michael Lampton, 404-331-0333,
michael.lampton@sba.gov

For more information about the Maryland Emergency Management Agency, please visit www.mema.maryland.gov

For more information about the SBA’s Disaster Loan Program, visit our website at www.sba.gov/disaster