Upper Marlboro Businesses Could Benefit From Disaster Loans

The U.S. Small Business Administration has made low-interest disaster loans available to the Prince George’s County small businesses affected by Tropical Storm Lee. The September storm , as some businesses were .

“Although the waters have long receded, many small businesses in the county are still hurting from the damage,” County Executive Rushern L. Baker III said in a statement.

Gov. Martin O’Malley (D) requested the disaster loans, which are also available to small agricultural cooperatives, aquaculture businesses and most nonprofit organizations, according to the Small Business Administration.

Eligible businesses could qualify for loans up to $2 million. The rates are 3 percent for nonprofit organizations and 4 percent for businesses. The SBA determines eligibility for the loans based on the business’ size, type, and financial resources. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.

A FAQ sheet on these loans can be found here.

Applications and program information are available by calling the SBA’s Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing), or by sending an email to disastercustomerservice@sba.gov.

Business loan applications can also be downloaded from www.sba.gov.

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

Those affected by the disaster may also apply for disaster loans electronically from the SBA’s website at https://disasterloan.sba.gov/ela/.

The deadline to return applications is Sept. 7, 2012.