SBA Loans available to Washoe County residents and businesses affected by storms
Governor Brian Sandoval and Nevada Division of Emergency Management Chief Caleb Cage announced the U.S. Small Business Administration (SBA) is making low-interest federal disaster loans available in Washoe County, Nevada to businesses and residents affected by severe storms and flooding that occurred February 1-25, 2017.
“The State remains committed to support Washoe County residents affected by the severe storms in February,” said DEM Chief Caleb Cage. Affected homeowners should inventory items that have been damaged or destroyed and take advantage of SBA’s low-interest disaster loans. Our priority is to restore the communities within Washoe County.”
WHAT YOU NEED TO KNOW
- SBA disaster loans are the primary source of money to pay for repair or replacement costs not fully covered by insurance or other compensation.
- SBA offers low-interest disaster loans to businesses of all sizes, most private nonprofit organizations, homeowners and renters.
- Businesses may borrow up to $2 million for any combination of property damage or economic injury.
- SBA offers low-interest working capital loans (called Economic Injury Disaster Loans) to small businesses, small businesses engaged in aquaculture and most private, nonprofit organizations of all sizes having difficulty meeting obligations as a result of the disaster.
- Homeowners may borrow up to $200,000 to repair or replace their primary residence.
- Homeowners and renters may borrow up to $40,000 to replace personal property.
HOW TO APPLY TO SBA
Apply online using the Electronic Loan Application (ELA) via SBA’s secure website at: https://disasterloan.sba.gov/ela.
ApplyinpersonatanyDisasterLoanOutreachCenterandreceivepersonal,one-on-one helpfroman SBA representative. For additional information or to find a location near you visit our website at: http://www.sba.gov/content/current-disaster-declarationsorcallSBA at(800)659-2955.
Individuals who are deaf or hard-of-hearing may call (800) 877-8339.
Apply by mail: complete a paper application and mail it to SBA at: 14925 Kingsport Rd., Ft. Worth, TX 76155-2243.
“While I cannot say with certainty what the business landscape will look like after the dust settles, I do believe it will never get back to the way it was before the shutdown,” advises Mike Bosma.