AK 15859-06 SBA Tops $20 Million in Disaster Assistance Loans

SACRAMENTO, California, March 15 -- The Small Business Administration's Office of Disaster Assistance issued the following news release:

Director Tanya N. Garfield of the U.S. Small Business Administration's Disaster Field Operations Center-West announced today that SBA has approved more than $20 million in federal disaster loans for Alaska businesses and residents impacted by the earthquake that occurred Nov. 30, 2018. According to Garfield, SBA has approved $1,601,300 for businesses and $20,049,400 for residents to help rebuild and recover from this disaster.

"SBA's disaster assistance employees are committed to helping businesses and residents rebuild as quickly as possible," said Garfield. Businesses and residents in Kenai Peninsula Borough, Matanuska Susitna Borough and the Municipality of Anchorage who sustained damages are encouraged to register prior to the April 1, 2019, deadline with the Federal Emergency Management Agency at www.disasterassistance.gov. "Don't miss out on any assistance you may be entitled to by not registering for help. You don't need to wait for your insurance to settle or obtain a contractor's estimate," she added.

SBA has customer service representatives available at the following Disaster Recovery Centers to provide one-on-one assistance to homeowners, renters and business disaster loan applicants.

Click here to view Table: https://www.sba.gov/offices/disaster/dfocw/resources/1638095

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

Disaster loans up to $200,000 are available to homeowners to repair or replace their damaged or destroyed primary residence. Homeowners and renters are eligible for up to $40,000 to repair or replace damaged or destroyed personal property. These low-interest federal disaster loans are available in Kenai Peninsula Borough, Matanuska Susitna Borough and the Municipality of Anchorage.

For small businesses and most private nonprofit organizations of all sizes, SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic injury assistance is available regardless of whether the business suffered any property damage. These economic injury disaster loans are available in Chugach REAA, Copper River REAA, Delta/Greely REAA, Denali Borough, Iditarod Area REAA, Kenai Peninsula Borough, Kodiak Island Borough, Lake and Peninsula Borough, Matanuska Susitna Borough and the Municipality of Anchorage. The deadline to apply for economic injury is Nov. 1, 2019.

Interest rates can be as low as 3.74 percent for businesses, 2.75 percent for private nonprofit organizations and 2 percent 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.

Applicants may apply online, receive additional disaster assistance information and download applications at https://disasterloan.sba.gov/ela. Applicants may also call SBA's Customer Service Center at (800) 659-2955 or email [email protected] (link sends e-mail) for more information on SBA disaster assistance. Individuals who are deaf or hard of hearing may call (800) 877-8339. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.