SBA disaster loans available for May flooding, tornado losses

Published On: Jun 12 2013 01:40:01 PM EDT
Updated On: Jun 12 2013 01:57:32 PM EDT

A team of experts with the National Weather Service confirmed a tornado touch downed in Elkton on May 4.

JACKSONVILLE, Fla. -

The Small Business Administration on Tuesday announced that injury disaster loans are available to agricultural interests, small businesses and nonprofit organizations in northeast Florida that suffered damage from excessive rain, high winds, hail, lightning or tornadoes when a storm passed through the first week of May.

The disaster declaration includes Alachua, Bradford, Clay, Duval, Flagler, Putnam and St. Johns counties.

"When the Secretary of Agriculture issues a disaster declaration to help farmers recover from damages and losses to crops, the Small Business Administration issues a declaration to eligible entities affected by the same disaster," said Frank Skaggs, director of SBA's Field Operations Center in Atlanta.

Under this declaration, SBA's disaster loans available to eligible farm-related and nonfarm-related entities that suffered financial losses as a direct result of this disaster. The SBA cannot provide disaster loans to agricultural producers, farmers or ranchers. 

The loan amount can be up to $2 million with interest rates of 2.875 percent for private non-profit organizations of all sizes and 4 percent for small businesses, with terms up to 30 years.

Applicants may apply online using the Electronic Loan Application 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 disastercustomerservice@sba.gov.  Loan applications can be downloaded from 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. 

Completed loan applications must be returned to SBA by Feb. 5, 2014.

Read more here: http://www.miamiherald.com/2013/06/11/3445559/sba-economic-injury-disaster-loans.html#storylink=cpy

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