SBA Disaster Loan Centers In Century And Pensacola Close Today

April 21, 2016

Today is the last day for tornado victims in Century and Pensacola to apply in person for disaster loans from the U.S. Small Business Administration.

The loans available to business, non-profits, churches an individuals that suffered physical or economic losses as result of the EF-3 tornado on February 15 in the Century area or the Feburary 23 EF-3 tornado in the Pensacola area.

The Century Disaster Loan Outreach Center at the Century Business Center, 140 East Pond Street, and the Pensacola location at the West Florida Regional Planning Council office, 4081 East Olive Road, Suite A, will both be open from 8 a.m. until a final closing at 3 p.m.

While the outreach centers will close today, the deadline to apply for physical damage assistance is June 6; the deadline for economic injury assistance applications is January 9, 2017.

The types of loans available include:

  • 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, private universities, etc., are also eligible.
  • Economic Injury Disaster Loans (EIDL) – 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.

Applicants must have a credit history acceptable to the SBA and the ability to repay all loans. Collateral is required for physical loss or economic injury disaster loans over $25,000. Loan terms range up to 30 years with interest rates from 1.813 to 6.25 percent.

The loans are also available in the contiguous Florida county of Santa Rosa and the contiguous Alabama counties of Escambia and Baldwin.

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