SBA Offers Disaster Assistance Loans in Maryland
“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.