Our thoughts are with everyone affected by the August storms and flooding. If your business, nonprofit or home was damaged, the U.S. Small Business Administration (SBA) is offering low-interest disaster loans to help you repair, replace and move forward. Here’s what you need to know.
What happened
Starting Aug. 10, Ohio saw a string of severe storms, including 17 confirmed tornadoes. Crooksville and Roseville had significant flooding, and flood damage to an AEP substation caused power outages that lasted several days in some areas.
After Gov. Mike DeWine requested federal help, a Presidential Disaster Declaration was approved which opened the door to SBA loans.
Where the loans are available
Businesses, nonprofits, homeowners and renters in these counties can apply: Clermont, Franklin, Hamilton, Licking, Morgan, Muskingum and Perry.
Small businesses and most private nonprofits in neighboring counties can apply too: Athens, Brown, Butler, Clinton, Coshocton, Delaware, Fairfield, Guernsey, Hocking, Knox, Madison, Noble, Pickaway, Union, Warren and Washington.
For business owners and nonprofits
- What you can borrow: up to $2 million to repair or replace damaged property, equipment, machinery and other assets
- Interest rates: as low as 4% for businesses and 3.625% for private nonprofits
- Repayment: terms up to 30 years
Before you apply, gather your insurance information, records of the damage and recent financial statements.
For homeowners and renters
Homeowners and renters in the seven declared counties listed above are eligible. Residents of the neighboring counties are not.
- Homeowners: up to $500,000 to repair or replace your primary residence
- Homeowners and renters: up to $100,000 to replace personal property such as furniture, clothing and vehicles
- Interest rate: as low as 3%
- Repayment: terms up to 30 years
Before you apply, gather your insurance information, photos or records of the damage and a list of the belongings you lost.
Where to get help in person
SBA representatives are at the Business Recovery Center in Roseville to answer questions and help you apply:
William H. Barker Community Center
13047 Karl Brown Road
Roseville, OH 43777
Monday through Friday, 8 am to 5 pm; Saturday, 8 am to 2 pm
You can also find details and apply on the SBA disaster assistance website.
How we can help
After a disaster, it’s hard to know where to start, and cash flow can get tight quickly. A loan is a big decision, and we’d like to help you make it with confidence.
If you’d like to talk through how a loan fits into your recovery plan, including what the repayment term means for your cash flow, reach out to our team. We’ll work through the next steps together.