SBA Offers Disaster Assistance Loans in Maryland

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Real Estate Agent with Realty Group Referrals 16766

SBA Offers Disaster Assistance Loans in Maryland

Maryland businesses and residents affected by the remnants of Tropical Storm Ida on Aug. 31 through Sept. 4 can apply for low-interest disaster loans from the U.S. Small Business Administration, SBA Administrator Isabella Casillas Guzman announced this week. Montgomery County businesses are among those identified for potential assistance.


“Montgomery County encountered deadly consequences last month following rain and flooding from the remnants of Tropical Storm Ida,” said County Executive Marc Elrich. “We are very appreciative of the Small Business Association to offer low-interest disaster loans to impacted residents and businesses. On our end, the County government and our partners will make sure all who our applicable are aware of this opportunity to help them recover and rebuild from damage incurred.”

To assist businesses and residents affected by the disaster, the SBA will open Disaster Loan Outreach Centers (DLOCs). One loan outreach center will be opened at the Twinbrook Library, located at 202 Meadow Hall Dr. in Rockville. The center will be open from Oct. 25-Nov. 5. The hours of operation will be:

  • Monday, Wednesday, Friday: 10 a.m.-6 p.m.
  • Tuesday, Thursday: Noon-8 p.m.
  • Saturday: 10 a.m.-2 p.m.

Montgomery County has identified approximately 25 individual residences and/or businesses that sustained damage from the remnants of Tropical Storm IDA on Sept. 1.

Customer service representatives will be available at the DLOCs to answer questions about the disaster loan program and help individuals complete their applications.

“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, 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, sump pump, French drain or retaining wall to help protect property and occupants from future damage caused by a similar disaster.

Loans could be available for the following:

  • Business Physical Disaster Loans: Loans to businesses to repair or replace disaster-damaged property owned by the business, including real estate, inventories, supplies, machinery and equipment. Businesses of any size are eligible. Private, nonprofit organizations, such as charities, churches, private universities, etc., are also eligible.
  • Economic Injury Disaster Loans (EIDL): Working capital loans to help small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private, nonprofit organizations of all sizes meet their ordinary and necessary financial obligations that cannot be met as a direct result of the disaster. The loans are intended to assist through the disaster recovery period.
  • Home Disaster Loans: Loans to homeowners or renters to repair or replace disaster-damaged real estate and personal property, including automobiles.

Applicants can apply online using the Electronic Loan Application (ELA) via SBA’s secure website at DisasterLoanAssistance.sba.gov/ela/s and should apply under SBA declaration #17229, not for the COVID-19 incident.

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 emailing mailto:DisasterCustomerService@sba.gov. Loan applications can be downloaded at sba.gov/disaster.

The filing deadline to return applications for physical property damage is Dec. 17. The deadline to return economic injury applications is July 18.

This is a Montgomery County, Maryland announcement.

 

 

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Photograph by Roy Kelley
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Posted by

Roy Kelley, Associate Broker

Realty Group Referrals (Retired from RE/MAX Realty Group)

6 Montgomery Village Ave., Suite 200, Gaithersburg, MD 20879

Office:  301-258-7757 

Comments (19)

Norma J. Elkins
Elite Realty Group - Morristown, TN
Realtor - Elkins Home Selling Team

Great information for those that are dealing with any damage from Ida.  Thanks for sharing and have a magnificent Monday!

Oct 25, 2021 03:44 AM
Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Condo and Home Specialists

That storm really tore into many disasters, and I am glad to read there is relief assistance loans because to help.

Oct 25, 2021 04:09 AM
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Roy. May the funds go to the needy and not to just those who are good at paperwork and playing the system. Enjoy your day.

Oct 25, 2021 05:07 AM
Brian England
Vacasa - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

Small businesses should definitely be supported.  I prefer seeing small businesses have success rather than the big coroporations.

Oct 25, 2021 05:44 AM
Bob "RealMan" Timm
Ward County Notary Services - Minot, ND
Owner of Ward Co Notary Services retired RE Broker

I have had an SBA loan in the past and although it was a difficult process I found it was well worth it Roy Kelley .

Oct 25, 2021 05:53 AM
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Thank you very much for your comments. It is always good to hear from you.

Oct 25, 2021 05:55 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Roy, good information for those dealing with damage from Ida.   Now that the West is getting hit with a giant storm.

Oct 25, 2021 06:02 AM
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

There is still time to get your flu shot - Galion Inquirer

Oct 25, 2021 06:16 AM
Bill Salvatore - YVP Blog
Arizona Elite Properties - Chandler, AZ
Realtor - Valley of the Sun / golfArizona@cox.net

Roy,

I just can't imagine living in an area, where you do not know if this is the year you may be a disaster loan.   I guess if you are born and raised there, the roots are strong.   It Monday, the weekend is in the rear window,  Have a productive week, and thanks again for the post.  Bill Salvatore

Oct 25, 2021 06:36 AM
Pat Champion
John Roberts Realty - Eustis, FL
Call the "CHAMPION" for all your real estate needs

What a great program to help small businesses. I hope you had a great weekend enjoy the week ahead.

Oct 25, 2021 07:35 AM
Rocky Dickerson
Realty One Group - Las Vegas, NV
Superior Service!

Great post as usual my friend! Thankful that someone is looking out for the small businessman

Oct 25, 2021 09:02 PM
Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

That's a beautiful Dahlia blossom, Roy.  I like the subtle shades of color it exhibits.

Oct 26, 2021 01:44 AM
Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

CONGRATULATIONS Roy, on having this blog FEATURED in the PHOTOS group!

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Oct 26, 2021 01:45 AM
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Myrl Jeffcoat 

Thank you very much for the feature recognition. It is much appreciated.

Oct 26, 2021 04:41 AM
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

This photograph was well received when I posted it in a number of Facebook groups.

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Oct 26, 2021 05:02 AM