The U.S. Small Business Administration (SBA) is reminding eligible small businesses, private nonprofits, and residents in Oregon of the Aug. 25, deadline to apply for low interest federal disaster loans to offset physical damage caused by the Harney County flooding occurring March 12-April 15.
The disaster declaration covers the Oregon counties of Crook, Deschutes, Grant, Harney, Lake and Malheur as well as the Nevada counties of Humboldt and Washoe.
Small businesses and nonprofits are eligible to apply for business physical disaster loans and may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.
Homeowners and renters are eligible to apply for home and personal property loans and may borrow up to $100,000 to replace or repair personal property, such as clothing, furniture, cars, and appliances. Homeowners may apply for up to $500,000 to replace or repair their primary residence.
Applicants may also be eligible for a loan increase of up to 20% of their physical damage, as verified by the SBA, for mitigation purposes. Eligible mitigation improvements include strengthening structures to protect against high wind damage, upgrading to wind rated garage doors, and installing a safe room or storm shelter to help protect property and occupants from future damage.
“One distinct advantage of SBA’s disaster loan program is the opportunity to fund upgrades reducing the risk of future damage,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “I encourage businesses and homeowners to work with contractors and mitigation professionals to improve their disaster readiness while taking advantage of SBA’s physical damage loans.”
SBA’s Economic Injury Disaster Loan (EIDL) program is available to eligible small businesses, small agricultural cooperatives, nurseries and private nonprofit (PNP) organizations impacted by financial losses directly related to this disaster. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for aquaculture enterprises.
Interest rates can be as low as 4% for small businesses, 3.625% for nonprofits, and 2.75% for homeowners and renters with terms up to 30 years. Interest does not begin to accrue, and payments are not due until 12 months from the date of the first loan disbursement. The SBA sets loan amounts and terms, based on each applicant’s financial condition.
To apply online, visit sba.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.
The deadline to return physical damage applications is Aug 25.
