Last Updated on September 8, 2016 by cassnetwork
Indianapolis – Governor Mike Pence today announced the availability of low-interest disaster loans for Howard and surrounding counties after tornadoes and high winds that began August 24.
The loans are available to residents, businesses and certain non-profit organizations through the U.S. Small Business Administration. Eligible counties are Howard, Cass, Carroll, Clinton, Tipton, Grant and Miami.
“With the devastation seen in Howard County, we are pleased to receive the assistance provided by low-interest disaster loans,” said Governor Pence. “Kokomo has been hit hard by severe weather in recent years, and these loans will help enhance and speed up recovery from the tornadoes that hit the area in late August.”
Loan Amounts – Businesses and Organizations
Businesses and private non-profit organizations of any size may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of all sizes, the SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic Injury Disaster Loan assistance is available regardless of whether the business suffered any physical property damage.
Loan Amounts – Citizens
Disaster loans up to $200,000 are available to homeowners to repair or replace disaster-damaged or destroyed real estate. Homeowners and renters are eligible for up to $40,000 to repair or replace disaster-damaged or destroyed personal property.
How to Apply
Applicants may apply online using the Electronic Loan Application via SBA’s secure website at https://disasterloan.sba.gov/ela/ or by mobile device at m.fema.gov. If online or mobile access is unavailable, applicants should call the FEMA toll-free Helpline at 800-621-3362. Those who use 711-Relay or Video Relay Services should call 800-621-3362.
Additional details on the locations of Disaster Recovery Centers and the loan application process can be obtained by calling the SBA Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an email to disastercustomerservice@sba.gov.
Deadlines to Apply
The filing deadline to return applications for physical property damage is November 7, 2016. The deadline to return economic injury applications is June 8, 2017.
For more information about the SBA’s Disaster Loan Program, visit http://www.sba.gov/disaster.
SOURCE: News release from the Office of Indiana Governor Mike Pence