Deadline for Ohio businesses to get SBA loans due to Memorial Day tornadoes approaching

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Damage caused by the Memorial Day tornadoes (Photo: WDTN Staff)

DAYTON, Ohio (WDTN) – The U.S. Small Business Administration said Wednesday there is still loan money available to small businesses that were impacted by the Memorial Day tornadoes but time to apply for these loans is running out.

The loans are available to small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and private nonprofit organizations affected by severe storms, straight-line winds, tornadoes, flooding and landslides on May 27 – 29, 2019. “Businesses that suffered economic losses as a result of the disaster and want to apply for low-interest loans from the SBA are urged to do so before the March 18 deadline,” said Kem Fleming, director of SBA Field Operations Center East.

Low-interest disaster loans are available in the following counties: Allen, Athens, Auglaize, Butler, Champaign, Clark, Clinton, Columbiana, Coshocton, Darke, Fairfield, Fayette, Franklin, Greene, Guernsey, Hardin, Hocking, Licking, Logan, Madison, Mahoning, Mercer, Miami, Montgomery, Morgan, Muskingum, Noble, Perry, Pickaway, Portage, Preble, Ross, Shelby, Stark, Trumbull, Van Wert, Vinton and Warren in Ohio; and the contiguous counties of Adams, Jay, Randolph and Wayne in Indiana; and Lawrence and Mercer in Pennsylvania.

The SBA said working capital disaster loans up to $2 million are available at 4 percent for small businesses, and 2.75 percent for private nonprofit organizations with terms up to 30 years. The loans are intended to pay fixed debts, payroll, accounts payable, and other expenses that could have been paid had the disaster not occurred. To be considered for this assistance, eligible entities need to apply by the deadline of March 18, 2020.

Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website. Businesses may also obtain information and loan applications by calling the SBA’s Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and hard-of-hearing), or by emailing disastercustomerservice@sba.gov.

Loan applications can also be downloaded at sba.gov/disaster.

Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

The deadline to return economic injury applications is March 18, 2020.

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