SBA's Deadline is November 21 for Physical Damage Disaster Loan Applications in Virginia

ATLANTA, Oct. 21, 2011 /PRNewswire-USNewswire/ --The U.S. Small Business Administration reminds homeowners, renters, businesses and non-profit organizations of the deadline to submit disaster loan applications for damages caused by Hurricane Irene.  The deadline to file an SBA disaster loan application for physical damage is Nov. 21, 2011.

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Anyone with insured losses should not wait for an insurance settlement before applying to the SBA. "If someone does not know how much of their loss will be covered by insurance or other sources, the SBA will consider making a loan for the total loss up to its loan limits, provided they agree to use insurance proceeds to reduce or repay their SBA loan," said Frank Skaggs, director of SBA Field Operations Center East.

Low-interest disaster loans are available in the following cities and counties: Charles City, Chesterfield, Colonial Heights, Dinwiddie, Hanover, Henrico, James City, King and Queen, King William, New Kent, Petersburg  and Prince George in 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.

The SBA may increase a loan up to 20 percent of the total amount of disaster damage to real estate and/or leasehold improvements, as verified by SBA, to make improvements that lessen the risk of property damage by future disasters of the same kind.

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.

Interest rates are as low as 2.5 percent for homeowners and renters, 3 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.

For additional information, call the SBA's Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or send an email to [email protected].  Loan application forms can be downloaded at 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.

Those affected by the disaster may also apply for disaster loans electronically from SBA's website at https://disasterloan.sba.gov/ela/.

The filing deadline to return applications for physical property damage is November 21, 2011.  The deadline to return economic injury applications is June 21, 2012.  

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

CONTACT: Michael Lampton, +1-404-331-0333

SOURCE U.S. Small Business Administration

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