WASHINGTON -- Low-interest federal disaster loans are available to Kansas residents and business owners affected by the severe storms with torrential rain that caused flash flooding on June 16, 2010 in Riley County, U. S. Small Business Administration (SBA) Administrator Karen G. Mills said today. SBA acted under its own authority to declare a disaster in response to the state’s request we received on June 29, 2010.
“The U. S. Small Business Administration is strongly committed to providing the most effective and customer-focused response possible to assist those residents and businesses affected by the flash flooding with federal disaster loans,” said Mills. “Getting our businesses and communities up and running after a disaster is our highest priority at SBA.”
“Low-interest federal disaster loans are available to homeowners, renters, businesses of all sizes and private, non-profit organizations whose property was damaged or destroyed by the disaster,” said Wayne Bell, SBA’s Kansas District Director. “Beginning Friday, July 2 at 1 pm, SBA customer service representatives will be on hand at the following Disaster Loan Outreach Center to issue loan applications, answer questions about SBA’s disaster loan program, explain the application process, help each individual complete their application and close their approved loans,” Bell continued. The center will be open on the days and times indicated. No appointment is necessary.
Disaster Loan Outreach Center
American Red Cross
2601 Anderson Avenue
Manhattan, Kansas 66502
Mondays through Fridays, 9 am to 6 pm
Open Friday, July 2 through Thursday, July 22
(closed Monday, July 5 in observance of Independence Day)
Disaster loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for up to $40,000 to repair or replace damaged or destroyed personal property.
Businesses of any size and private, non-profit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets. SBA can also lend additional funds to homeowners and businesses to help with the cost of making improvements that protect, prevent or minimize the same type of disaster damage from occurring in the future.
For small businesses and most private, non-profit organizations of any size, 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 property damage.
Interest rates can be as low as 2.75 percent for homeowners and renters, 3 percent for private, non?profit organizations, and 4 percent for businesses, with terms up to 30 years. Loan amounts and terms are set by SBA and are based upon each applicant’s financial condition.
Disaster loan information and application forms are also available from SBA’s Customer Service Center by calling SBA toll-free at (800) 659?2955, emailing email@example.com, or visiting SBA’s Web site at www.sba.gov/services/disasterassistance. Hearing impaired individuals may call (800) 877?8339.
Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure Web site at https://disasterloan.sba.gov/ela.
The filing deadline to return applications for property damage is August 31, 2010. The deadline to return economic injury applications is April 1, 2011.