SBA Announces Grace Period to Apply for Low-Interest, Physical Property Damage Loans

Individuals, businesses, and non-profit organizations impacted by the July 2017 flooding in Lake County may be eligible for disaster loans from the U.S. Small Business Administration (SBA). The Small Business Administration has announced a 15-day grace period to apply for low-interest, physical property damage loans. The filing deadline is now Nov. 1, 2017. Loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for loans up to $40,000 to repair or replace damaged or destroyed personal property. For more information on eligibility, loan amounts, and other requirements, please view this SBA Fact Sheet.

The deadline to apply for Economic Injury loans, such as loans to assist small businesses and non-profits through the recovery period, is May 16, 2018.

Applicants may apply online using the Electronic Loan Application (ELA) on the SBA's website at https://disasterloan.sba.gov/ela.

Disaster loan information and applications may also be obtained by calling the SBA's Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and hard-of-hearing), or by emailing disastercustomerservice@sba.gov.