Politics & Government

Low-Interest Loans To Help Tropical Storm Debby Victims

Hillsborough residents, businesses and non profits are eligible for low interest loans through the U.S. Small Business Administration's disaster assistance program.

From officials at Hillsborough County:

Homeowners and renters with disaster damanged or destroyed property and businesses and private non-profits with property, machinery, inventory or business assets may qualify for low interest loans being offered by the U.S. Small Business Administration.

The SBA has added Hillsborough County as a primary county to the disaster declaration for Tropical Storm Debby.

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This means that eligible homeowners, renters, businesses of all sizes, and non-profit organizations in Hillsborough County that were affected by Tropical Storm Debby are now eligible to apply for physical and economic injury disaster loans from the SBA’s disaster assistance program. Previously, only businesses and non-profits were eligible to apply for SBA economic injury disaster loans.

  • Disaster loans up to $200,000 now are available to homeowners to repair or replace disaster-damaged or destroyed real estate.
  • Homeowners and renters are eligible up to $40,000 to repair or replace disaster-damaged or destroyed personal property.
  • Businesses and private non-profit organizations of any size may borrow up to $2 million.

The SBA may increase a loan up to 20 percent of the total amount of disaster damage to real estate and/or leasehold improvements, as verified by SBA, to make improvements that lessen the risk of property damage by future disasters of the same kind.

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For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private non-profit organizations of all sizes, 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.

Interest rates are as low as 1.938 percent for homeowners and renters, 3 percent for non-profit organizations and 4 percent for businesses with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.

To be considered for all forms of disaster assistance, residents should first register with the Federal Emergency Management Agency (FEMA) by calling 800-621-FEMA (3362), (TTY) 800-462-7585 for the deaf and hard-of-hearing. 

The filing deadline to return applications for physical property damage is Sept 4, 2012. The deadline to return economic injury applications is April 3, 2013.

After registering with FEMA, residents can access an SBA Electronic Loan Application (ELA) via SBA’s secure website at https://disasterloan.sba.gov/ela/ and apply. Disaster survivors do not have to wait on insurance to be settled before applying to SBA. 

Questions about the electronic loan application, details on the locations of local Disaster Recovery Centers, and information about the loan application process also is available by calling the SBA Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an e-mail to disastercustomerservice@sba.gov.  

Individual homeowners suffering home damages also can seek assistance from Hillsborough County's Homeowner Rehabilitation Program by calling 813-612-5397.


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