Federal Disaster Loans Now Available For Tornado Recovery

April 8, 2016

The federal government is making disaster loans available in Escambia County to assist with tornado recovery.

The loans from the U.S. Small Business Administration will be available to business, non-profits, churches an individuals that suffered physical or economic losses as result of the EF-3 tornado on February 15 in the Century area or the Feburary 23 EF-3 tornado in the Pensacola area.

The types of loans available include:

  • Business Physical Disaster Loans – Loans to businesses to repair or replace disaster-damaged property owned by the business, including real estate, inventories, supplies, machinery and  equipment. Businesses of any size are eligible. Private, non-profit organizations such as charities, churches, private universities, etc., are also eligible.
  • Economic Injury Disaster Loans (EIDL) – Working capital loans 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. These loans are intended to assist through the disaster recovery period.
  • Home Disaster Loans – Loans to homeowners or renters to repair or replace disaster-damaged real estate and personal property, including automobiles.

Applicants must have a credit history acceptable to the SBA and the ability to repay all loans. Collateral is required for physical loss or economic injury disaster loans over $25,000. Loan terms range up to 30 years with interest rates from 1.813 to 6.25 percent.

Only uninsured or otherwise uncompensated disaster losses are eligible.

It is anticipated that the SBA will open an application assistance center in Century by the middle of next week. NorthEscambia.com will publish office hours and location once announced. For more information, contact SBA’s Disaster Assistance Customer Service Center by calling (800) 659-2955, emailing disastercustomerservice@sba.gov, or visiting SBA’s Web site at http://www.sba.gov/disaster.

The deadline to apply for physical damage assistance if June 6; the deadline for economic injury assistance applications is January 9, 2017.

The loans are also available in the contiguous Florida county of Santa Rosa and the contiguous Alabama counties of Escambia and Baldwin.

NorthEscambia.com photos, click to enlarge.

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Written by William Reynolds · Filed Under News