SBA Offers Disaster Assistance to Businesses and Residents of Maryland Affected by May Flooding
WASHINGTON (July 27, 2018)– Maryland businesses and residents affected by severe flooding in Baltimore City and Howard County on May 27, 2018, can apply for low-interest disaster loans from the U.S. Small Business Administration, Administrator Linda McMahon announced today.
Administrator McMahon made the loans available in response to a letter from Gov. Larry Hogan on
July 23, requesting a disaster declaration by the SBA. The declaration covers Baltimore City and Howard County, and the adjacent counties of Anne Arundel, Baltimore, Carroll, Frederick, Montgomery and Prince George’s in Maryland.
“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 McMahon. “Getting businesses and communities up and running after a disaster is our highest priority at SBA.”
SBA’s Customer Service Representatives will be available at the Disaster Loan Outreach Centers to answer questions about the disaster loan program and help individuals complete their applications.
The three Centers are located in the following communities and are open as indicated:
Baltimore City
Stillmeadow Evangelical Free Church
5110 Frederick Ave.
Baltimore, MD 21229
Opening: Tuesday, July 31 at 11 a.m.
Hours: 9 a.m. – 6 p.m., weekdays
Saturday, Aug. 4 from 10 a.m. to 2 p.m.
Closed: Sunday, Aug. 5
Closes: Tuesday, Aug. 7 at 4 p.m.
Howard County
Baltimore & Ohio Ellicott City Station Museum
3711 Maryland Ave.
Ellicott City, MD 21043
Opening: Tuesday, July 31 at 11 a.m.
Hours: 9 a.m. – 6 p.m., weekdays
Saturday, Aug. 4 from 10 a.m. to 2 p.m.
Closed: Sunday, Aug. 5
Closes: Tuesday, Aug. 7 at 4 p.m.
Baltimore County
Catonsville Senior Center
501 North Rolling Road
Catonsville, MD 21228
Opening: Tuesday, July 31 at 11 a.m.
Hours: 9 a.m. – 6 p.m., weekdays
Saturday, Aug. 4 from 10 a.m. to 2 p.m.
Closed: Sunday, Aug. 5
Closes: Tuesday, Aug. 7 at 4 p.m.
“Businesses and private nonprofit organizations may borrow up to $2 million to repair or replace disaster damaged or destroyed real estate, machinery and equipment, inventory, and other business assets,” said SBA’s Maryland District Director Stephen Umberger.
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations, the SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic Injury Disaster Loan assistance is available regardless of whether the business suffered any physical property damage.
“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 Kem Fleming, center director of SBA’s Field Operations Center East in Atlanta.
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. Eligible mitigation improvements may include a safe room or storm shelter to help protect property and occupants from future damage caused by a similar disaster.
Interest rates are as low as 3.61 percent for businesses, 2.5 percent for nonprofit organizations, and 1.938 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 apply online using the Electronic Loan Application (ELA) via SBA’s secure website at DisasterLoan.sba.gov.
Businesses and individuals 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. 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 Sept. 24, 2018. The deadline to return economic injury applications is April 25, 2019.
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Contact:
Michael Lampton
(404) 331-0333
Michael.Lampton@sba.gov