Low-interest disaster loans available for May flooding losses

(Posted July 23, 2020)

Ohio Governor Mike DeWine announced on July 23 that Ohio has received a U.S. Small Business Administration (SBA) disaster declaration for flooding that occurred in Franklin County May 18-19, opening up the possibility of low-interest disaster loans for business owners, homeowners and renters in Franklin County and six adjacent counties.

This SBA-only declaration is for individuals and businesses who have uninsured losses from severe storms and flooding in mid-May in Franklin, Union, Delaware, Licking, Fairfield,  Pickaway and Madison counties.

Three types of loans are available to those with credit acceptable to SBA:

Business Physical Disaster Loans–Loans to businesses to repair or replace disaster-damaged property owned by the business, including real estate, inventories, supplies, machinery and equipment. Businesses of any size are eligible. Private, non-profit organizations such as charities, churches and private universities are also eligible.

Economic Injury Disaster Loans–Working capital loans to help small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private, non-profit organizations of all sizes meet their ordinary and necessary financial obligations that cannot be met as a direct result of the disaster. These loans are intended to assist through the disaster recovery period.

Home Disaster Loans–Loans to homeowners or renters to repair or replace disaster-damaged real estate and personal property, including automobiles.

SBA has opened a Virtual Disaster Loan Outreach Center (VDLOC) to help survivors apply online using the Electronic Loan Application via the SBA’s secure website at https://disasterloanassistance.sba.gov/. Virtual customer support representatives are available to assist applicants with completing the online application.

VDLOC hours are 8 a.m.-5 p.m. Monday-Friday. Call (202) 803-3307 or (470) 363-5936 or send email to FOCE-Help@sba.gov.

These services are only available for the Ohio disaster declaration as a result of severe storms and flooding on May 18-19, 2020, and not for COVID-19 related assistance.

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