The U.S. Small Business Administration (SBA), along with the State of Missouri and Federal Emergency Management Agency (FEMA), have opened a new disaster recovery center in Cape Girardeau and are assisting survivors impacted by the December winter storms and flooding, with face-to-face help to apply for federal disaster assistance.
The Disaster Recovery Center (DRC) has opened at The Salvation Army, 701 Good Hope Street, in Cape Girardeau. The DRC will be open from 9 a.m. to 7 p.m. from Feb. 8-13.
SBA offers low-interest loans to businesses and private nonprofits, as well as homeowners and renters. There are also Economic Injury Disaster Loans available to small businesses and most private nonprofit organizations, which can provide working capital funds even if the entity didn’t have physical damage to their organization.
Survivors in any of the declared 33 counties in MO can use the one-on-one assistance at this, or any, Disaster Recovery Center. There is no requirement to visit a center; anyone can obtain SBA disaster information and can get assistance by calling the SBA Customer Service Center at (800) 659-2955, or by going to www.sba.gov/disaster.
Here are some key points about Federal Disaster assistance:
Most flood survivors are automatically referred to the SBA (after registering with FEMA) for a low-interest disaster recovery loan. All businesses and residents impacted should first register with FEMA at (800) 621-3362 (FEMA) or online at www.disasterassistance.gov.
Even if you feel you can’t afford a loan or won’t qualify, you should still apply. If the SBA determines an applicant is not eligible for a loan, the applicant may be referred back to FEMA and the State for further disaster assistance. However, failure to return the application halts that process.
There is no cost to apply, no obligation to take on a loan, and survivors do not need to know how much, if any, they may want to borrow at application.
SBA offers Economic Injury Disaster Loans to small businesses and most private nonprofit organizations even if they weren’t impacted by physical storm or flooding damage.
These low-interest loans cover losses not fully compensated by insurance or other recoveries and do not duplicate benefits of other agencies or organizations. There’s no need to wait for insurance to settle before applying. Many times, insurance proceeds do not met all the needs for recovery. It is crucial that residents and business owners submit the initial SBA application by the deadline to insure that this option remains available to them. This provides survivors more time to complete the entire application process, should it be needed.
Disaster loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for up to $40,000 to repair or replace damaged or destroyed personal property. Interest rates can be as low as 4 percent for businesses, 2.625 percent for private nonprofit organizations and 1.813 percent for homeowners and renters with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant’s financial condition.
Businesses of all sizes and private nonprofit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets. SBA can also lend additional funds to businesses and homeowners to help with the cost of improvements to protect, prevent or minimize the same type of disaster damage from occurring in the future.
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private nonprofit organizations of any size, SBA offers Economic Injury Disaster Loans (EIDLs) to help meet working capital needs caused by the disaster. EIDL assistance is available to businesses regardless of any property damage.
To be considered for all forms of disaster assistance, victims must first call the Federal Emergency Management Agency (FEMA) at (800) 621-FEMA (3362). As soon as Federal-State Disaster Recovery Centers open throughout the affected area, SBA will provide one-on-one assistance to disaster loan applicants. Additional information and details on the location of disaster recovery centers is available by calling the SBA Customer Service Center at (800) 659-2955.
Additional information and Fact Sheets:
- Download Missouri SBA Info / Fact Sheet: MO_14603_Fact_Sheet_1
- Three Ways to Apply / Fact Sheet: Three Ways to Apply Presidential (APPROVED 06.02.15)