The Small Business Administration announced today that the Disaster Loan Outreach Center in Danville will remain open for another week to assist businesses and residents affected by Tropical Storm Michael from Oct. 10 to Oct. 15.
The center is located at 515 Main St. The hours of operation are as follows:
- Monday, Nov. 19: 9 a.m. to 6 p.m.
- Tuesday, Nov. 20: 9 a.m. to 6 p.m.
- Wednesday, Nov. 21: 9 a.m. to 6 p.m.
- Thursday, Nov. 22: Closed for the Thanksgiving Day holiday
- Friday, Nov. 23: 9 a.m. to 6 p.m.
- Saturday, Nov. 24: 10 a.m. to 2 p.m.
- Sunday, Nov. 25: Closed
- Monday, Nov. 26: 9 a.m. to 6 p.m.
- Tuesday, Nov. 27: 9 a.m. to 6 p.m.
- Wednesday, Nov. 28: 9 a.m. to 6 p.m.
- Thursday, Nov. 29: 9 a.m. to 6 p.m.
- Friday, Nov. 30: 9 a.m. to 4 p.m.
At the center, the SBA’s customer service representatives are on hand to answer questions about the disaster loan program and to assist in completion of applications. The program assists businesses of all sizes, homeowners and renters with federal disaster loans.
The SBA disaster loan program is separate from disaster assistance through the Federal Emergency Management Agency (FEMA). In order for homeowners or public entities affected by Tropical Storm Michael to obtain financial assistance from FEMA, the president must sign a federal disaster declaration, and that hasn’t happened yet.
The SBA opened outreach centers last week in Danville and Salem. In addition to the two cities, the centers serve the adjacent counties of Pittsylvania, Roanoke and Roanoke City in Virginia; and Caswell in North Carolina.
The center in Salem, however, is closing Tuesday, Nov. 20.
In a news release last week, the SBA provided the following information:
- Businesses and private nonprofit organizations 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, 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.
- 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.
- 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 to help protect property and occupants from future damage caused by a similar disaster.
- Interest rates are as low as 3.675 percent for businesses, 2.50 percent for nonprofit organizations, and 2 percent for homeowners and renters with terms up to 30 years. Loan amount and terms are set by the SBA and are based on each applicant’s financial condition.
- Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at DisasterLoan.sba.gov.
- Businesses and individuals may also obtain information and loan applications by calling the SBA’s Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and hard-of-hearing), or by emailing email@example.com. Loan applications can also be downloaded at www.sba.gov. Completed applications should be returned to the centers or mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
- The filing deadline to return applications for physical property damage is Jan. 14, 2019. The deadline to return economic injury applications is Aug. 13, 2019.