Missourians Impacted by the March 14-15 Severe Weather Events May Now Apply for Loans through SBA

CAPE GIRARDEAU – Low-interest federal disaster loans are now available to Missouri businesses and residents impacted by the March 14-15 severe storms, straight-line winds, tornadoes and wildfires in Bollinger, Butler, Camden, Carter, Franklin, Howell, Iron, Jefferson, Oregon, Ozark, Perry, Phelps, Reynolds, Ripley, St. Louis, Wayne, Webster, and Wright counties.

FEMA partners with other agencies to help meet the needs of disaster survivors. The U.S. Small Business Administration (SBA) offers low-interest disaster loans not only to businesses but also to homeowners and renters in a declared major disaster area. 

SBA is the largest source of funds for privately damaged properties after a disaster. SBA loans are funded through the U.S. Treasury. The program offers loans for the underinsured or uninsured and covers losses not fully compensated by insurance or other recovery resources. The program covers deductibles and increased cost of compliance post disaster. Survivors should not wait for an insurance settlement before submitting an SBA loan application.

Interest rates can be as low as 2.75% 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. SBA offers a 12-month deferment from the date of the first loan disbursement with 0% accrual during that period. 

Homeowners may be eligible for a disaster loan up to $500,000 for primary residence repairs or rebuilding. SBA may also be able to help homeowners and renters with up to $100,000 to replace important personal property, including automobiles damaged or destroyed in the disaster.

Businesses of all sizes and private nonprofit organizations may borrow up to $2 million to repair or replace damaged property, destroyed real estate, machinery and equipment, inventory and other business assets. SBA can also lend additional funds to help with the cost of improvements to protect, prevent or minimize disaster damage from occurring in the future.

For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size, SBA offers Economic Injury Disaster Loans (EIDL) to help meet working capital needs caused by the disaster. Economic injury assistance is available to businesses regardless of any property damage.

If your application is approved, you are not obligated to accept an SBA loan. 

You may also apply online using the Electronic Loan Application (ELA) via the SBA’s secure website at MySBA Loan Portal (https://lending.sba.gov/) or by visiting a Disaster Recovery Center. A Disaster Loan Outreach Center (DLOC) is currently open in St. Louis County.

ST. LOUIS COUNTY

Disaster Loan Outreach Center
St. Louis County Library
Florissant Valley Branch
Quiet Room
195 South New Florissant Rd.
Florissant, MO  63031

Monday – Thursday, 9 a.m. – 6 p.m.
Friday – Saturday, 9 a.m. – 5 p.m.

Further information is available by calling the SBA Customer Service Center at 800-659-2955 or send an email to disastercustomerservice@sba.gov. If you are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.  There is no cost to apply for an SBA disaster loan.