Economic Injury Disaster Loans (EIDLs) are available to small businesses and most private, non-profit organizations of all sizes unable to pay bills or meet operating expenses because of Hurricane Gustav. EIDL assistance is available regardless of whether the business suffered any property damage. See below for more information.

SBA’s Deadline for Physical Damage Disaster Loan Applications Is November 25th

ATLANTA – The U.S. Small Business Administration reminds homeowners, renters, businesses and non-profit organizations of all sizes of the deadline to submit disaster loan applications for damage caused by Hurricane Gustav that occurred between August 28 and September 8, 2008. The deadline to file an application for physical damage is November 25, 2008.

Residents and businesses in the counties of Adams, Hancock, Harrison , Washington and Wilkinson are eligible to apply for both physical and economic injury loans under this declaration.

Victims are urged to register with FEMA by calling 1-800-621-3362 (FEMA). “If you were issued an SBA loan application, complete and return the application before the November 25 deadline, even if you don’t want a loan. If the SBA is not able to approve a home loan, you will be referred to FEMA for possible grant assistance. I encourage anyone who has not completed their disaster loan application to meet with a Customer Service Representative at one of the Centers located throughout the disaster area for one-on-one assistance,” said Frank Skaggs, Director of SBA Field Operations Center East.

The SBA offers loans up to $200,000 to repair disaster damaged primary residences. Homeowners and renters are eligible for loans up to $40,000 to replace personal property such as furniture, appliances and clothing. Loans to businesses of all sizes and non-profit organizations are available up to $2 million to repair damage to real estate, machinery and equipment, inventory, and other business assets.

Economic Injury Disaster Loans (EIDLs) are also available to small businesses and most private, non-profit organizations of all sizes unable to pay bills or meet operating expenses because of the disaster in the following counties: Amite, Bolivar, Franklin, Humphreys, Issaquena, Jackson, Jefferson, Pearl River, Sharkey, Stone and Sunflower in the State of Mississippi; Chicot County in the State of Arkansas; and Parishes of Concordia, East Feliciana, Saint Tammany, Tensas and West Feliciana in the State of Louisiana. EIDL assistance is available regardless of whether the business suffered any property damage.

Interest rates are as low as 2.875 percent for homeowners and renters and 4.000 percent for businesses with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant’s financial condition.

Additionally, disaster victims with insurance should not wait for an insurance settlement before applying to the SBA. If victims do not know how much of their loss will be covered by insurance or other sources, the SBA will consider making a loan for the total loss up to its loan limits, provided the borrower agrees to use insurance proceeds to reduce or repay their SBA loan.

The SBA also offers mitigation loans to disaster victims based on 20 percent of the verified physical damage. These funds are designed to help borrowers pay for protective measures which may prevent damages of the same kind in the future.

Individuals and businesses may obtain information and loan applications by calling the SBA’s Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the hearing-impaired) Monday through Friday from 7 a.m. until 8 p.m., and Saturday and Sunday from 8 a.m. until 8 p.m. CDT or by emailing the Customer Service Center at disastercustomerservice@sba.gov. Business loan applications can also be downloaded from the SBA website at www.sba.gov/services/disasterassistance. Completed applications should be returned to the Centers or mailed to: U.S. Small Business Administration, Processing and Disbursement Center , 14925 Kingsport Road , Fort Worth , TX . 76155.

Victims may also apply for disaster loans from SBA’s secure website at https://disasterloan.sba.gov/ela/.

The filing deadline to return applications for physical damage is November 25, 2008. The deadline to return economic injury applications is June 26, 2009.