Mason Smith Valley Conservation District drone-shot photo of flooding on May 23.
Low-interest federal disaster loans are now available to businesses and residents in Nevada affected by severe winter storms, flooding, landslides and mudslides that occurred March 8-19, according to an Aug. 12 news release from the U.S. Small Business Administration.
The SBA’s disaster declaration makes assistance available in Lyon County.
“SBA’s mission-driven team stands ready to help Nevada’s small businesses and residents impacted by this disaster,” said SBA Administrator Isabella Casillas Guzman. “We’re committed to providing federal disaster loans swiftly and efficiently, with a customer-centric approach to help business and communities recover and rebuild.”
SBA’s Virtual Disaster Loan Outreach Center is open 8 a.m. to 4:30 p.m. and can be reached at FOCWAssistance@sba.gov or 916-735-1512. Customer services representatives will be available to business owners and individuals to answer questions about the loan program and the application process.
Businesses of all sizes and private nonprofits may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets.
“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 to help meet working capital needs caused by the disaster,” reads the news release. “Economic injury assistance is available regardless of whether the business suffered any property damage.”
Disaster loans of up to $500,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for up $100,000 to repair or replace damaged or destroyed personal property, including personal vehicles.
“SBA can also lend additional funds to businesses and homeowners to help with the cost of improvements to protect, prevent or minimize future disaster damage,” reads the release.
Interest rates for the loans can be as low as 4 percent for businesses, 2.375 percent for private nonprofits and 2.375 percent for homeowners and renters with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.
“Interest does not begin to accrue until 12 months from the date of the first disaster loan disbursement,” said officials. “SBA disaster loan repayment begins 12 months from the date of the first disbursement.”
To apply online, download an application or for information, visit https://disasterloanassistance.sba.gov. Applicants may also call SBA’s customer service center at 800-659-2955 or email disastercustomerservice@sba.gov.
Completed applications should be mailed to the following address:
U.S. Small Business Administration Processing and Disbursement Center
14925 Kingsport Road
Fort Worth, TX, 76155
The deadline to apply for property damage is Oct. 10. The deadline to apply for economic injury is May 8.