With only a few days remaining before the November 23, application deadline for physical disaster loans, the U.S. Small Business Administration (SBA) announces that it has approved 1,085 disaster loans for $40,361,300 to Georgia homeowners, renters, businesses and non-profit organizations affected by the September 2009 severe storms and flooding.
“We want to thank all of our federal, state and local partners, as well as the volunteer organizations and individuals that helped the SBA to provide financial assistance to the victims,” said Frank Skaggs, director of SBA’s Field Operations Center East.
“However, there are nearly 20,000 people who have not returned their SBA loan applications. These individuals have until November 23 to return completed applications for physical damage to the SBA. Homeowners or renters who do not qualify for a disaster loan may be referred to FEMA for grant consideration.
Interest rates are as low as 2.750 percent for homeowners and renters and 4 percent for businesses with terms up to 30 years. The SBA sets loan amounts and terms based on each applicant’s financial condition. These loans are for uninsured or uncompensated losses up to SBA’s loan limits.
All Disaster Loan Outreach Centers and Business Recovery Centers in the disaster area will cease operations at the close of business Monday, November 23. Victims in the following counties in Georgia are eligible to apply for SBA’s physical disaster loans: Bartow, Carroll, Catoosa, Chattooga, Cherokee, Cobb, Coweta, DeKalb, Douglas, Fulton, Gwinnett, Heard, Newton, Paulding, Rockdale, Stephens and Walker