SBA disaster loans deadline is Aug. 11

The deadline for homeowners, renters, businesses and non-profit organizations in Indiana to submit disaster loan applications to the Small Business Administration (SBA) for storm, flood and tornado damage that occurred between May 30-June 27, 2008 is Aug. 11.

Loans of up to $200,000 are being offered by the SBA to repair disaster damaged primary residences. Homeowners and renters are eligible for loans up to $40,000 to replace personal property such as furniture, appliances and clothing. Loans to businesses of all sizes and non-profit organizations are available up to $2 million to repair damage to real estate, machinery, inventory and equipment.

Interest rates are as low as 2.687 percent for homeowners and renters and 4.000 percent for businesses with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant's financial condition.

Disaster victims with insurance should not wait for an insurance settlement before applying to the SBA. If victims do not know how much of their loss will be covered by insurance or other sources, the SBA will consider making a loan for the total loss up to its loan limits, provided the borrower agrees to use insurance proceeds to reduce or repay their SBA loan.

SBA Recovery Centers have recently opened in the Chamber of Commerce in Columbus, Martinsville and Terre Haute. The hours are Monday-Friday from 8 a.m. to 5 p.m.

Anyone unable to visit the Centers may obtain an application by calling the SBA's Customer Service Center at 800-659-2955 or e-mailing the Customer Service Center at diastercustomerservices@sba.gov.