SBA has approved nearly $20M in tornado loans

Almost every home in the Moss Creek development in Trotwood suffered some damage from the Memorial Day tornado. This view taken two months after the tornado shows homes that are actively being demolished, some awaiting settlement, one that has been stripped down to its frame and one that has been demolished and the lot graded. TY GREENLEES / STAFF

Almost every home in the Moss Creek development in Trotwood suffered some damage from the Memorial Day tornado. This view taken two months after the tornado shows homes that are actively being demolished, some awaiting settlement, one that has been stripped down to its frame and one that has been demolished and the lot graded. TY GREENLEES / STAFF
Business
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Aug 6, 2019
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As of close of business Monday, the U.S. Small Business Administration (SBA) has approved just over $19.4 million for disaster loans to Ohio’s federally declared disaster area affected by the Memorial Day tornadoes.

The application deadline for Federal Emergency Management Agency and SBA assistance for homeowners and renters is Aug. 19. That’s also the deadline to apply for physical disaster loans for businesses of all sizes and non-profit organizations, the SBA said in a release Tuesday.

Businesses and non-profit organizations don’t have to have physical damage to apply for an “economic injury disaster” loan. That application deadline is March 18, 2020.

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In-person assistance assistance centers are still open at the Harrison Twp. Community Center, 5945 N. Dixie Drive, Dayton, and the Beavercreek Chamber of Commerce, 3210 Beaver-Vu Drive.

If applicants are approved for a loan, they have 60 days to decide whether to accept it, the SBA is reminding applicants. If they reject the loan offer, they can re-apply in six months.

Physical disaster loans are available to homeowners, renters, businesses, faith-based organizations and non-profit organizations.

The SBA allows those receiving loans an approximately 5-month deferment on the first repayment.

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Those receiving loans do not have to wait to settle with insurance companies before applying for a disaster loan, and no collateral required if the loan is for $25,000 or less.

To apply for an SBA disaster loan visit disasterloan.sba.gov or visit a local recovery center. Businesses and residents may also call (800) 659-2955 or email DisasterCustomerService@sba.gov. Individuals who are deaf or low-hearing may call (800) 877-8339.

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Thomas Gnau is a business reporter who joined the Dayton Daily News in 2007. He has reported for daily newspapers in Ohio since 1991.