WAYNE COUNTY, Ind. – Residents, renters, businesses and nonprofits affected by the severe storms and flooding Aug. 11 can apply for federal disaster assistance through the U.S. Small Business Administration.
The assistance is available under federal disaster declaration DR-20022, which covers 21 primary counties in Indiana.
Elijah Neahous, an SBA public affairs specialist working in the area, said disaster loans are available to homeowners and renters in addition to businesses.
“My main goal here is to bring the SBA resources that are available to anybody that is eligible,” Neahous said.
Loans can help pay for repairs to homes and businesses, replacement of personal property and, for eligible businesses and nonprofits, economic losses caused by the disaster.
Loans carry no interest and require no payments for the first year. After that, interest rates start at 3% for homeowners and renters, 4% for businesses and 3.625% for nonprofits. Terms can extend up to 30 years, with no repayment penalties.
Homeowners can qualify for up to $600,000 while businesses and nonprofits can qualify for up to $2 million.
Applicants do not have to wait for insurance or FEMA assistance before applying.
“They do not need to wait for FEMA grant assistance. They do not need to wait for insurance proceeds to finalize before applying for this loan,” Neahous said.
The SBA also can provide additional funds for mitigation projects, such as sump pumps, retaining walls and other improvements designed to prevent future disaster damage.
The deadline for applying for physical damage assistance is Oct. 25. Neahous said applicants only need to submit their initial application by that date.
“There are no application fees. There’s no obligation to take the loan, but it’s good to get the application in to see what resources you have available,” he said.
Applications can be submitted through the SBA’s online lending portal. Residents can also get help at disaster assistance centers and mobile SBA locations.
For information, call the SBA at 800-659-2955 or visit DisasterAssistance.gov.
