SBA Loan Information

Homeowners, Renters, Businesses, and Private Non-profit Organizations

 

 Eligible homeowners, renters, businesses of all sizes, and private non-profit organizations in Lincoln and Sagadahoc counties can apply on or before May 20, 2024 for a low interest rate SBA physical property disaster loan in order to repair or replace their property that was damaged due to the storms and flooding that occurred in the county from January 9 to 13, 2024.  

 

Small Businesses and Most Private Non-profit Organizations

 

Small businesses and most private non-profit organizations in Lincoln and Sagadahoc counties can apply for an economic injury disaster loan (EIDL) if they are not able to meet their ordinary and necessary financial obligations as a direct result of the disaster. An EIDL does not require any physical damage to the business or non-profit’s real estate or other property. An economic injury may occur for several reasons, including but not limited to: power outages, road closures, an inability of suppliers, clients, shoppers, workers, etc. being able to access the business, and cancellation of contracts as the result of the disaster. The deadline to apply for a EIDL is December 23, 2024. Please see the attached Fact Sheet for more information.

 

• Apply online at:  https://lending.sba.gov or at a temporary Business or Disaster Recovery Center (see attachment)
• Call the SBA at: 1-800-659-2955 or 711 for the hearing and/or speech impaired with any questions

 

LOAN TERMS

 

• Maximum loan up to: $500,000 for real property loans for homeowners;
• $ 100,000 for personal property disaster loans for homeowners and renters; and
• $2 million for businesses and non-profits (which includes all types of disaster loans and refinancing)

 

INTEREST RATES

              Interest rates as low as:

• 2.688 %        Homeowners and Renters
• 3.250 %        Private Non-Profits
• 4.000 %        Businesses

 

ADDITIONAL BENEFITS TO AID IN THE RECOVERY

 

• No application fee
• No interest accrues during the first year of the loan
• First payment is not due for a period of one year
• Do not have to wait for insurance claim settlement in order to apply for a SBA disaster loan
• No collateral is requested for loans $25,000 or less
• Most loan terms are 30 years

 

MITIGATION LOANS

 

              Eligible homeowners, businesses, and non-profits may request a loan increase up to 20% of the SBA verified physical damages sustained in the disaster to make mitigation improvements in order to prevent or minimize damages from any disaster in the future. Generally, borrowers have up to 2 years from the date of the loan approval to request an increase to obtain a loan for mitigation improvements. Applicants can discuss this matter with the loan officer.