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SBA outlines flood loan programs, deadlines for Altoona survivors
Summary
A Small Business Administration representative told Altoona City Council that flood survivors and small businesses can apply for physical-damage and economic-injury loans, described eligibility and low rates, and listed application deadlines and repayment terms.
Riley Oates of the U.S. Small Business Administration briefed Altoona City Council on federal loan programs available to residents, businesses and nonprofits affected by July flooding. Oates summarized two tracks: a physical-damage program for renters, homeowners and small businesses, and an economic injury disaster loan for working capital needs.
"We cover up to a $100,000 for renters and homeowners in personal property loss," Oates said, adding that homeowner real-estate damage limits and business caps differ. He said the SBA can provide up to $2,000,000 for small businesses and nonprofits across the two programs and offers terms that can extend up to 30 years. Oates also noted a benefit that applicants can receive 12 months of no interest and no payments on SBA loans to allow repairs to begin while insurance claims settle.
Oates listed application timing: "The deadline for physical damages is September 21," and said the deadline for the economic-injury program is "April 21" as stated in his presentation. He described the SBA's underwriting focus as a review of applicants' credit history and ability to repay rather than a strict FICO threshold and said interest rates in SBA disaster programs can be lower than typical bank loans.
The SBA presentation included guidance for renters, homeowners, small businesses and nonprofits about eligible losses; Oates said secondary homes, boats and recreational vehicles are not covered but that certain rental properties and Airbnbs may qualify. He invited impacted residents to apply and to contact SBA disaster assistance for details.
