The U.S. Small Business Administration (SBA) is reminding businesses, nonprofits, and residents in Missouri about the approaching deadline to apply for federal disaster loans. These low-interest loans aim to address physical damage caused by severe storms, tornadoes, straight-line winds, and flooding that occurred from November 3 to 9, 2024.
The disaster declaration specifically includes Pulaski County in Missouri. Eligible businesses and nonprofits can apply for business physical disaster loans with a borrowing limit of up to $2 million. These funds are intended for repairing or replacing damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.
Homeowners and renters have the option to apply for home and personal property loans. They may borrow up to $100,000 for replacing or repairing personal property like clothing, furniture, cars, and appliances. Additionally, homeowners can apply for up to $500,000 to repair or replace their primary residence.
Applicants might also qualify for a loan increase of up to 20% of their verified physical damages for mitigation purposes. This could include strengthening structures against high wind damage or installing storm shelters.
Chris Stallings from the SBA's Office of Disaster Recovery and Resilience stated: “One distinct advantage of SBA’s disaster loan program is the opportunity to fund upgrades reducing the risk of future storm damage.” He encouraged collaboration with contractors and mitigation professionals while utilizing these loans.
For small businesses impacted financially by this disaster but not physically damaged, the SBA offers its Economic Injury Disaster Loan (EIDL) program. However, agricultural producers are generally excluded unless they operate aquaculture enterprises.
Interest rates vary: as low as 4% for small businesses; 3.625% for nonprofits; and 2.563% for homeowners and renters. Loans can extend up to 30 years with payments deferred until a year after the first disbursement.
Applications can be submitted online at sba.gov/disaster or through contacting SBA’s Customer Service Center at (800) 659-2955 or via email at disastercustomerservice@sba.gov. Telecommunications relay services are available at 7-1-1.
The application deadline for physical property damage is April 21 while economic injury applications must be submitted by November 18.