SBA's Deadline is October 28 for Physical Damage Disaster Loan Applications in Michigan

ATLANTA, Sept. 26, 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 the heavy rain and flooding that occurred on July 28 through  29, 2011. The deadline to file an SBA disaster loan application for physical damage is Oct. 28, 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 Clinton, Eaton, Ingham, Jackson, Livingston and Shiawassee counties in Michigan.

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) Monday through Friday from 8 a.m. until 8 p.m., and Saturday and Sunday from 9 a.m. to 5:30 p.m. ET or send an email to [email protected].  Loan application forms can be downloaded from the SBA's website 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 damage is October 28, 2011.  The deadline to return economic injury applications is May 29, 2012.

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

Contact: Mark Ihenacho
Phone: (404) 331-0333

SOURCE U.S. Small Business Administration

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