The U.S. Small Business Administration (SBA) has issued a reminder to eligible small businesses, private nonprofits, and residents in Missouri regarding the upcoming deadline for applying for federal disaster loans. The loans are intended to offset physical damage caused by severe weather events on April 29, including storms, tornadoes, and flooding. The application deadline is August 22.
The affected areas include several counties in Missouri: Barry, Christian, Dade, Dallas, Greene, Jasper, Lawrence, McDonald, Newton, Polk, Stone and Webster. Additionally, Cherokee County in Kansas and Ottawa County in Oklahoma are covered under the disaster declaration.
Eligible small businesses and nonprofits can apply for business physical disaster loans of up to $2 million to repair or replace damaged assets such as real estate and equipment. Homeowners may borrow up to $500,000 for primary residence repairs or up to $100,000 for personal property like clothing and appliances.
Applicants might also qualify for a loan increase of up to 20% of their verified physical damage costs for mitigation improvements. These enhancements could include strengthening structures against wind damage or installing storm shelters.
Chris Stallings from the SBA's Office of Disaster Recovery and Resilience emphasized the program’s benefit: “One distinct advantage of SBA’s disaster loan program is the opportunity to fund upgrades reducing the risk of future storm damage.”
The SBA also offers Economic Injury Disaster Loans (EIDL) for small businesses facing financial losses due to this disaster. However, agricultural producers are generally not eligible unless they are involved in aquaculture.
Interest rates vary: 4% for small businesses; 3.625% for nonprofits; and 2.813% for homeowners and renters with terms extending up to 30 years. Payments begin only after one year from the first disbursement date.
Applications can be submitted online at sba.gov/disaster or through SBA’s Customer Service Center at (800) 659-2955.