Representatives will be set up at the public library on Ridge Ave.
Mount Airy, Md (KM). Representatives from the US Small Business Administration will be available in Mount Airy this week and part of next week to take applications for assistance from individuals and businesses that were affected by last month’s tornado. The SBA will set up a Disaster Loan Outreach Center at the Carroll County Public Library at 705 Ridge Avenue. The center will open at 11:00 AM, Tuesday, December 11th. It will continue in operation until Tuesday, December 18th. The hours of operation are:
Monday-Friday, 9:00 AM to 6:00 PM
Saturday, December 15th, 10:00 AM until 2:00 PM
It will be closed on Sunday, December 16th.
On its final day, Tuesday, December 18th, it will open at 9:00 AM and close at 4:00 PM.
Applicants who come to the center to apply for low interest loans need to bring along some basic information. “They need to bring an i.d, like a government-issued i.d., .like their driver’s license. They need the address of the damaged property, and they need to know their Social Security number,” says SBA spokeswoman Julie Garratt. “Because people are dealing with disasters, we don’t have of up front paperwork requirements because sometimes people don’t have those documents.”
The SBA will also accept disaster loan applications on line. at DisasterLoan.sba.gov. Residents can also downloaded application forms at www.sba.gov, fill them out and mail them to the US Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, Tx, 76155. For information call the SBA’s Customer Service Center at 1-800-659-2955. For those who are deaf and hard of hearing, call 1-800-877-8339.
The deadline to apply for these loans is February 5th, 2019.
Garratt says those who are eligible for low interest loans following the tornado are homeowners, any size businesses, renters, faith-based organizations such as churches and other houses of worship, and non-profits.
“Homeowners and renters, the rate is as low is 2% and they can borrow up to $200,000 to repair their primary residence, and up to $40,000 to replace personal items that were damaged by the tornado. Businesses can borrow up to $2-million at a rate as low as 3.74%. And non-profit organizations, their loans are a flat 2.75%,” she says.
Garratt says the turnaround time for anyone who borrows from the SBA is very quick. “It usually takes about two to three weeks to process the loan, and then once you sign the closing documents, you receive the funds within three to five business days,” she says.
Small businesses can also apply for economic injury loans due to the tornado. “Economic injury loan is to replace lost income due to being closed because of the tornado or just a drop in your income. So this is a working capital loan. And that is up to $2-million. And those loans are available for small businesses,” says Garratt.
The deadline to apply for economic injury loans is September 9th, 2019.
On Friday, November 2nd, a EF-1 tornado came through Mount Airy, causing a partial roof collapse at the TJ Maxx and Home Goods stores at the Twin Arch Shopping Center. In addition, three mobile homes were damaged by falling trees, according to local fire officials.
By Kevin McManus