NEWARK – The US Small Business Administration announced that Licking County residents and businesses affected by floods March 20-22 can apply for low-interest catastrophe loans.
After Ohio Governor Mike DeWine wrote a letter requesting a disaster statement from the SBA, the SBA administrator made the loans available. The declaration includes Licking County as well as nearby Coshocton, Delaware, Fairfield, Franklin, Knox, Muskingum, and Perry counties.
In Licking County, flash floods in March resulted in evacuations in parts of Heath, Newark, Pataskala and Granville.
Due to the coronavirus pandemic, the agency said that it would not “build up a field presence” to help the flood victims, but rather contact them via webinars, Skype calls, telephone assistance and step-by-step application assistance. The SBA opened a virtual Disaster Loan Outreach Center to help flood victims apply online using the electronic loan application at DisasterLoanAssistance.SBA.gov.
The center is open Monday through Friday, 8 a.m. to 5 p.m., but is closed on Memorial Day.
For small businesses, small agricultural cooperatives, small businesses involved in aquaculture, and most nonprofits, the SBA offers economic damage loans to “help meet the working capital needs caused by the disaster”.
A press release said the interest rate is only 3.75% for businesses, 2.75% for nonprofits, and 1.563% for homeowners and renters with terms of up to 30 years. Loan amounts and terms are determined by the SBA and are based on the financial situation of each applicant.
For more information, contact the SBA Customer Service Center at 800-659-2955 or email [email protected] Loan applications are available for download at SBA.gov and can be mailed to the US Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The deadline for returning property damage claims is July 20th. The deadline for returning claims for economic damage is February 22nd.