The filing deadline for individuals impacted by the Dec. 26, 2015 tornado to return applications to the Small Business Administration (SBA) for property damage is May 31, 2016. The deadline for commercial properties to return economic injury applications is Dec. 29, 2016.
Low-interest federal disaster loans are available to businesses of all sizes, most private nonprofit organizations, homeowners and renters whose property was damaged or destroyed by this disaster.
Businesses of all sizes and private nonprofit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.
SBA can also lend additional funds to businesses and homeowners to help with the cost of improvements to protect, prevent or minimize the same type of disaster damage from occurring in the future.
Disaster loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for up to $40,000 to repair or replace damaged or destroyed personal property.Interest rates can be as low as 4 percent for businesses, 2.625 percent for private nonprofit organizations and 1.813 percent for homeowners and renters with terms up to 30 years.
Loan amounts and terms are set by SBA and are based on each applicant’s financial condition.