SBA loans are available for homeowners, renters, businesses and organizations

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Residents of Coatan affected by the March 26 tornado must apply for a disaster loan from the Small Business Administration by September 20.

SBA representatives are at the Newnan Cowet Chamber of Commerce until Thursday to help people with applications, but you can also do this yourself.

The Coweta Community Foundation will host an SBA Loan Information Session on August 26 as part of a series of educational forums for tornado survivors on Thursday evening. The forums are held at the Central Educational Center. Registration for the case management is possible from 17:30 to 18:00, the beginning of the program – at 6:00.

Various types of loans are available and both homeowners and tenants can apply for these loans at low interest rates. Businesses are eligible for disaster-related repair and damage loans and disaster-related loans to meet financial needs that the business cannot meet as a result of the disaster.

Loans can only be used to pay for uninsured or otherwise uncompensated damages from natural disasters. Loans can help bridge the gap between insurance coverage and the cost of rebuilding, repairing, or replacing. Second homes, boats, planes, camper vans and similar property are not eligible unless they are used commercially. Amounts are limited for landscaping, swimming pools and similar objects.

Homeowners can get loans of up to $ 200,000 to repair or replace properties, although the loans are limited to the amount of damage caused. Tenants and homeowners can borrow up to $ 40,000 to replace personal property damaged during the storm, including cars.

The SBA can help refinance all or part of previous mortgages if the applicant does not have a loan available elsewhere, has suffered substantial uncompensated disaster damage, defined as 40 percent of the property’s value or more than 50 percent of the construction value, and intends to remedy the damage …

Applicants may also be eligible for additional mitigation improvement funds to help reduce the risk of damage from future disasters.

Commercial and nonprofit loss limits are $ 2 million for physical losses and $ 2 million for economic damage. However, businesses and organizations cannot receive a total of more than $ 2 million for both types of injury, except in special cases.

Collateral is required for loans over USD 25,000; According to the SBA newsletter, the SBA will not turn down a loan for lack of collateral, but requires borrowers to pledge what is available.

Although there is a deadline for physical harm on September 20, businesses and non-profit organizations must apply for a disaster loan for economic damage by April 20, 2022.

If you are not sure if you need to take out a loan, according to the Coweta Community Foundation, it is still a good idea to apply.

“The great thing about the SBA is that you can find out how much money they will give you – then you can postpone and call back in six months if you need the money,” said Christine Webb, CEO of CCF.

“I really encourage you to look into this,” said Sarah Jackson of the Georgia Emergency Management Agency of the SBA loans. “You never know what needs will arise in the future.”

SBA loans have low interest rates. For those who cannot get a loan elsewhere, the home loan rate is 1.25 percent. This is 2.5 percent for those who can find a loan elsewhere. The rate is 3 percent and 6 percent for businesses and 2 percent for non-profit organizations.

Up to 30 years; however, businesses with loans available elsewhere are limited to seven years.

To apply, visit Disasterloand.sba.gov/ela or call 800-659-2955. You can also write by email disaster customerservice@sba.gov … People who are deaf or hard of hearing can call 800-877-8339.

The Outreach Center is open from 9:00 am to 6:00 pm on Thursday at Newnan Cowet’s Chamber of Commerce, 23 Bullsborough Drive.

The Coweta Community Foundation will host the SBA Loan Community Education Forum on 26 August. This is part of a series of forums held on Thursday nights (except August 5th). The opportunity to sign up for case management will be from 17:30 to 18, and the program starts at 6. The forums are held at the Central Educational Center.



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