Small Business Administration Disaster Assistance In Ocean Pines - WMDT 47 News - Delmarva's Choice

Small Business Administration Disaster Assistance In Ocean Pines

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By Leanne Murray - email
By Lauren Thomas - email

OCEAN PINES, Md. - Area residents and business owners who were affected by Superstorm Sandy can get low interest loans, but only for a limited time.

Officials with the Small Business Administration's Office of Disaster Assistance will have a Disaster Loan Outreach Center at the Ocean Pines Branch Library until January 10th. The center is there to assist business owners, and residents who were impacted by the storm.

SBA is offering low interest loans to homeowners, renters, businesses and private, non-profit organizations. These loans can be used to fix or replace real estate, personal property, machinery, equipment, and inventory business assets that have been damaged or declared a disaster.

The center will be closed on Sundays. It's hours are, as follows:

Friday, January 4, from 10:00 AM to 5:00 PM
Saturday, January 5, from 9:00 AM. to 3:00 PM
Monday, January 7, from 10:00 AM to 7:00 PM
Tuesday, January 8 - Thursday, January 10, from 10:00 AM to 6:00 PM

Thursday, January 10th will be the last day that the center is open. For more information, contact Thomas F. Kane, Worcester County Emergency Services Emergency Management Planner, at 410-632-3080.

In Delaware, Sussex County Residents are also eligible for SBA Loans for "Sandy" Repairs. The loans for physical damage repairs or to compensate for economic injury have special low interest rates.

FOR PHYSICAL DAMAGE                                                              RATE
Homeowners with credit available elsewhere                                 3.375
Homeowners without credit available elsewhere                             1.688
Businesses with credit available elsewhere                                    6.000
Businesses without credit available elsewhere                                4.000
Non-Profit organizations with credit available elsewhere                  3.125
Non-Profit organizations without credit available elsewhere             3.000
 
FOR ECONOMIC INJURY                                                                                       RATE
Businesses & Small Agricultural Cooperatives without credit available elsewhere       4.000
Non-Profit organizations without credit available elsewhere                                      3.000

The deadline for Physical Damage Loan applications is March 4th. Economic Injury Loan applications must be submitted by the October 2nd.

Check out the Small Business Associations website for more information.

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