The U.S. Small Business Administration (SBA) wants to inform homeowners, renters, businesses, and most private non-profits in Ohio County who were adversely affected by the severe storms, winds, flooding, landslides, and mudslides on June 14-15, 2025 that they can apply for a low-interest rate disaster loan to repair or replace their disaster damaged property.
Sometimes, a grant from FEMA and/or insurance proceeds is not enough to recover from a disaster; that is when the SBA’s low-interest rate disaster loans may be needed.
- Apply online at: sba.gov/disaster or at: https://lending.sba.gov or in person with the help of an SBA Customer Service Representative at one of the temporary centers listed on the attached Location List;
- Call the SBA with any questions about the loans or for updates on the current locations where people can meet with the SBA in person to apply for a loan at: 1-800-659-2955 or 711 for the hearing impaired
- Deadline to apply for a physical property damage loan is September 22, 2025.
INFORMATION AND DOCUMENTS NEEDED TO APPLY FOR A LOAN
- Identification Card
- Social Security Number for all applicants and an Employer Identification Number for a business
- Current contact information for each applicant, including, their cell phone number
- Financial Information (income, account balances, monthly expenses)
- Deed or Lease information
- Income Tax Return for the prior year for homeowners, renters, and businesses
- Insurance information, if available.
Small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private, non-profit organizations of all sizes can apply for an Economic Injury Disaster Loan (EIDL) to meet their ordinary and necessary financial obligations that cannot be met as a direct result of the disaster. The business or non-profit is not required to have sustained any physical damage to their property; however, if the business was affected due to utility problems, road closures, a decrease in business activity, cancelled contracts, customers not being able to transact business due to the disaster, employees not being able to get to work, or for other reasons as the direct result of the disaster, the business or non-profit can apply for an EIDL in order to pay its ordinary and necessary financial obligations. The deadline to apply for an EIDL is April 22, 2026.
LOAN TERMS
· Maximum loan up to $500,000 for homeowners to repair or replace real property that was damaged or destroyed as the result of the disaster;
· $ 100,000 for personal property disaster loans for homeowners and renters which includes: furniture, clothing, automobile, appliances, etc.;
· $2 million maximum limit for business loans applies to the combination of physical property, mitigation, an Economic Injury Disaster Loan “EIDL,” refinancing and applies to all disaster loans to a business and its affiliates for each disaster.
· $2 million maximum EIDL for alleviating economic injury caused by the disaster to help small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private, non-profit organizations of all sizes meet their ordinary and necessary financial obligations that cannot be met as a direct result of the disaster;
· Applicants can ask the Loan Officer to determine if they are eligible to apply for a mitigation loan in an effort to protect their property from future damage; a refinance loan; and/or a relocation loan.
INTEREST RATES
Interest rates as low as:
· 2.813 % Homeowners and Renters
· 3.625 % Private Non-Profits
· 4.000 % Businesses
ADDITIONAL BENEFITS TO AID IN THE RECOVERY
· No application fee
· No interest accrues during the first year of the loan
· First loan payment is not due for a period of one year
· Do not have to wait for an insurance claim settlement to apply to the SBA
· Most loan terms are 30 years
