Deadline to Apply for Physical Disaster Loans in Indiana is October 15

The U.S. Small Business Administration reminds homeowners, renters, businesses and non-profit organizations in Indiana that the deadline to submit disaster loan applications for damages caused by severe storms, high winds and large hail on July 31 is only weeks away.

The disaster declaration covers Gibson County and the adjacent counties of Knox, Pike, Posey, Vanderburgh and Warrick in Indiana ; Wabash and White in Illinois.

The deadline to file an SBA disaster loan application for physical damage is Oct. 15, 2012.

Anyone with insured losses should not wait for an insurance settlement before applying to the SBA. “If someone does not know how much of their loss will be covered by insurance or other sources, the SBA will consider making a loan for the total loss up to its loan limits, provided they agree to use insurance proceeds to reduce or repay their SBA loan,” said Frank Skaggs, director of SBA’s Field Operations Center East in Atlanta.

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. Businesses and non-profit organizations of any size may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.

For small businesses, small agricultural cooperatives, small businesses engaged in aquacultural, and most private non-profit organizations of all sizes, the SBA offers Economic Injury Disaster Loans (EIDLs) to help meet working capital needs caused by the disaster. EIDL assistance is available regardless of whether the business suffered any physical property damage.

Source: SBA