Category: Announcements || By Submitted Report

Allegheny County residents and businesses that were affected by severe storms and flooding earlier this month can apply for low-interest disaster loans from the U.S. Small Business Administration, a spokeswoman for Allegheny County Executive Rich Fitzgerald said yesterday.

A Disaster Loan Outreach Center opened today at Allegheny County Airport in West Mifflin and will remain open through Aug. 8 to work with homeowners and businesses in answering questions as well as helping complete applications.

"There are many businesses and residents who were impacted by the severe storms that went through our county recently, who are still struggling to get up and running," Fitzgerald said.

"Thanks to the Small Business Administration and (Gov. Corbett), loans of up to $200,000 will be available to homeowners to repair or replace damaged or destroyed real estate and loans of up to $40,000 will be available to repair or replace damaged or destroyed personal property," he said.

Businesses and non-profit organizations of any size may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets. The SBA may increase a loan up to 20 percent of the total amount of damage to make upgrades that lessen the risk of property damage by similar, future disasters.

The temporary loan center is inside the main terminal and will be open from 9 a.m. to 6 p.m., Mondays through Fridays, Aug. 1 through Aug. 8, and also will be open from 10 a.m. to 2 p.m. this Saturday.

Interest rates are as low as 1.875 percent for homeowners and renters, 2.875 percent for non-profit organizations and 4 percent for businesses with terms of up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant's financial condition. Applicants may apply online at the SBA's website.

For small businesses 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. EIDL assistance is available regardless of whether the business suffered any physical property damage.

Individuals and businesses unable to visit the Center may also obtain information and loan applications by calling the SBA at 1-800-659-2955 (1-800-877-8339 for the deaf and hard-of-hearing), or by emailing disastercustomerservice@sba.gov.

The filing deadline to return applications for physical property damage is September 27, 2013. The deadline to return economic injury applications is April 29, 2014.