U.S. Small Business Business Administration Press Release
Low interest federal disaster loans are available to Utah residents and business owners affected by severe storms and flooding that occurred in Carbon County on Sept. 27, announced U.S. Small Business Administration (SBA) Administrator Maria Conteras-Sweet. After the denial of the state’s request for a major disaster declaration, SBA acted under its own authority to declare a disaster in response to the Nov. 14 request from the state.
The disaster declaration makes SBA assistance available in Carbon County and the neighboring counties of Duchesne, Emery, Sanpete, Uintah and Utah.
“The U.S. Small Business Administration is strongly committed to providing Utah with the most effective and customer-focused response possible, and we will be there to provide access to federal disaster loans to help finance recovery for residents and businesses affected by the disaster,” said Contreras-Sweet. “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 or all sizes and private nonprofit organizations whose property was damaged or destroyed by this disaster,” said SBA’s Utah district director Stan Nakano. “Monday and Tuesday, SBA representatives will be on hand at the following disaster loan outreach center to answer questions about SBA’s disaster loan program, explain the application process and help each individual complete their application,” Nakano continued. The center will be open on the days and times indicated. No appointment necessary.
Carbon County Senior Center
450 South Fairgrounds Way
Price, Utah 84501
Open Monday-Tuesday, Nov. 24-25 from 8 a.m. to 4 p.m.
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 nonprofit 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, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit 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 2.063% for homeowners and renters, 2.625% for private nonprofit organizations and 4% for businesses, with terms up to 30 year.s Loan amounts and terms are set by SBA and are based on each applicants financial condition.
Applications may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at https://disasterloan.sba.gov/ela.
Disaster loan information and application forms are also available from SBA’s customer service center by calling (800) 659-2955 or emailing disastercustomerservice@sba.gov. Individuals who are deaf or hard-of-hearing may call (800) 877-8339. For more information about SBA’s disaster assistance programs, visit https://www.sba.gov/disaster.
The filing deadline to return applications for property damage is January 20, 2015. The deadline to return economic injury applications is Aug. 18, 2015.