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SBA urges flood-affected Simpson County residents and businesses to apply for disaster loans before deadline
Summary
A U.S. Small Business Administration public affairs specialist told the Fiscal Court that low-interest disaster loans covering losses not paid by insurance or FEMA are available, that loans up to $50,000 require no collateral or closing costs, and that the Fiscal Damage Loans deadline is April 25 (with a 60-day grace period).
Brian Beard, a public affairs specialist with the U.S. Small Business Administration, told Simpson County Fiscal Court on April 15 that SBA disaster loans remain available to residents and businesses affected by February flooding and urged prompt applications.
Beard said SBA disaster loans can cover damage not paid by insurance, FEMA or other sources and encouraged applicants not to wait for insurance settlements. “Loans up to $50,000 do not require any collateral or closing costs,” Beard said. He also outlined program-specific deadlines: Fiscal Damage Loans have an April 25 deadline with a 60-day grace period, and businesses have until Nov. 24 to apply for Working Capital Loans.
Beard said applicants should obtain an itemized estimate from a licensed contractor and that assistance and applications are available through the SBA online portal, by phone at 800-659-2955, or at the Disaster Recovery Center on the courthouse second floor. The court did not take any formal action but accepted the SBA presentation as public information for residents and businesses seeking recovery assistance.
