BOARDMAN, Ohio — County residents and business owners have until close of business Sept. 18 to get one-on-one assistance from U.S. Small Business Administration representatives to receive disaster loans.
The SBA has staffed its Disaster Loan Outreach Center at the Boardman Township Administration Building at 8299 Market St. since July 12, assisting homeowners and business owners with applying for low-interest disaster loans to address damages from inclement weather May 27-29.
To date, SBA has approved $2,936,700 in loans to homeowners and $364,000 to businesses, its public affairs specialist, John Oliver Frederick, reported in an email. The organization has approved more than $27.2 million throughout the state, he said.
In July, SBA and the Federal Emergency Management Agency, or FEMA, jointly established the office after Gov. Mike DeWine requested that Mahoning County be added to the Presidential Disaster Declaration to receive aid for businesses and residences that were damaged by floodwaters from the storms. FEMA staff left the office Aug. 15.
Residents in Mahoning County are eligible for both Physical and Economic Injury Disaster Loans from the SBA. Small businesses and most private nonprofits in counties adjacent to Mahoning – including Columbiana and Trumbull counties in Ohio and Lawrence and Mercer counties in Pennsylvania – are eligible for SBA Economic Injury Disaster Loans.
Businesses and nonprofits may borrow up to $2 million to repair or replace disaster damaged or destroyed real estate, machinery and equipment, inventory or other assets. Applicants may be eligible for an increase of up to 20% of physical damages as verified by the SBA for mitigation purposes, such as a safe room, storm shelter, sump ump, French drain or retaining wall to help protect property and occupants from future disaster-related damage.
Homeowners are eligible for loans up to $200,000 to repair or replace disaster damaged or destroyed real estate. Homeowners and renters are eligible for up to $40,000 to repair or replace disaster-damaged or destroyed personal property.
Interest rates are as low as 4% for businesses, 2.75% for nonprofits and 1.938% for homeowners and renters with a 30-year term.
Copyright 2020 The Business Journal, Youngstown, Ohio.
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