HUTCHINSON, Kan. — Deadlines to obtain SBA funding related to the Cottonwood Complex Fire are quickly approaching. The deadline for physical damage loans is June 21. The deadline for Economic Injury Disaster Loans is January 23, 2023.
Complete the SBA application even if a potential applicant is not sure if they need it yet. If approved, the loan becomes an option.
Businesses could be eligible for the following programs:
Property Damage: up to $2,000,000 to repair or replace real estate, machinery and equipment, inventory and other assets that were damaged or destroyed (available to businesses of any size and private, non-profit organizations).
Economic Injury: for businesses and private non-profit organizations suffering adverse financial impacts of the disaster (with or without property loss), up to $2,000,000 for working capital to help pay obligations until normal operations resume.
Individuals and Families could be eligible for the following programs:
Homeowners: up to $200,000 to repair or replace real estate damage and up to $40,000 to replace personal property.
Renters: up to $40,000 to repair or replace personal property.
Interest rates can be as low as 2.940 percent for businesses, 1.875 percent for private nonprofit organizations and 1.438 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://disasterloanassistance.sba.gov/.
Applicants may also call SBA’s Customer Service Center at(800) 659-2955 or email [email protected] for more information on SBA disaster assistance.
Individuals who are deaf or hard-of-hearing may call (800) 877-8339.