Office opened to help Broward residents following severe weather in December closing today

The Small Business Administration (SBA) Disaster Loan Outreach Center in Pembroke City Hall, 3150 S.W. 52nd Ave., will close at the end of business day tomorrow, Thursday, January 14. County residents who may have experienced damage to their homes and businesses following the severe weather in December are being encouraged to visit the office prior to its closing.

The field office opened January 5 after SBA officials declared Broward County a disaster area following the severe weather and flooding that occurred on December 17-18. The declaration allowed both home owners and business owners opportunities to apply for low interest loans.

Following the severe weather in December, preliminary damage assessments were conducted jointly by Broward County officials, the Florida Division of Emergency Management, the SBA and the Federal Emergency Management Agency (FEMA). The assessments showed that as a result of the severe weather a sufficient number of homes and businesses were affected to result in the disaster declaration.

Under the declaration, residents and businesses in Broward became eligible to apply for loans if they suffered physical property damage or economic injury. The low interest loans can be used to repair or replace real estate, personal property, machinery, equipment, inventory and business assets that were damaged or destroyed as a result of the severe weather.

According to SBA, loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for up to $40,000 to repair or replace damaged or destroyed personal property. Interest rates on the loans vary from 2.5 percent for homeowners and renters to 6 percent for businesses for terms up to 30 years.

Businesses of any size and non-profit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, inventory, machinery and equipment. The SBA can also lend additional funds from its mitigation program to help with the cost of making improvements that protect, prevent or minimize the same type of disaster damage in the future.

Loan applications for physical damages can be filed until the close of business on March 1, 2010. Loan applications for economic injury can be filed until the close of business on September 29, 2010. Individuals and businesses unable to come to the loan center in person should call 800-659-2955 to obtain information and applications. Individuals who are hearing impaired can get an application and information by calling 800-877-8339.

For more information, Broward County residents can call 3-1-1. For more information on the SBA application process and frequently asked questions, visit www.sba.gov/news/factsheets/index.html.

Related posts:

1. Cold weather emergency declared for Broward; shelters open
2. Obama releases small business initiatives
3. Broward opening cold weather shelter; expect drop to low 40s
4. Residents Urged to Conserve Water in Broward
5. Mayor and commissioner office hours set for December

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Posted by Andrea Freygang on Jan 14 2010. Filed under Broward County, Fort Lauderdale, Hallandale, Hollywood, Local news, Pembroke Park, Pembroke Pines. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry