SBA Opening Five Temporary Loan Assistance Centers

ATLANTA – Governor Sonny Perdue announced today the location of the U.S. Small Business Administration's (SBA) loan assistance centers to assist disaster victims impacted by Hurricane Dennis.  The following five centers will open Friday, July 22 at 8:00 a.m.:

• Cherokee County - Woodstock City Hall , 103 Arnold Mill Rd. , Woodstock
• Cobb County - United Community Bank, 4484 Marietta St. , Powder Springs
• Douglas County - Old Court House, 6754 Broad St. , Douglasville
• Colquitt County – EMA Building , 164 Veterans Parkway , Moultrie
• Worth County – Sylvester Fire Department, 101 N. Westberry St. , Sylvester

The centers will remain open weekdays between 8:00 a.m. and 5:00 p.m. , until further notice.  The Cobb, Colquitt and Worth centers will also be open on Saturdays between 10:00 a.m. and 3:00 p.m. , until further notice.

Disaster victims will be able to meet personally with an SBA loan officer to discuss the loan program.  The centers will provide disaster loan applications and will be able to assist in the completion of the application.

Governor Sonny Perdue announced yesterday that the SBA approved his July 13 request for disaster assistance for Georgians impacted by Hurricane Dennis.  SBA has declared the counties of Cherokee, Cobb, Colquitt, Douglas and Worth disaster areas, as well as their contiguous counties (Bartow, Brooks, Carroll, Cook, Crisp, Dawson, Dougherty, Forsyth, Fulton, Gordon, Lee, Mitchell, Paulding, Pickens, Thomas, Tift and Turner).  Homeowners, renters, landlords and business owners located in these areas are now eligible to apply for low-interest disaster loan assistance.

SBA offers loans up to $40,000 for homeowners and renters to repair or replace disaster damaged personal property such as furniture and clothing.  Homeowners are eligible for loans up to $200,000 to repair disaster damaged primary residences.  Loans to businesses of all sizes and non-profit organizations are available for up to $1.5 million to repair damage to real estate, machinery and equipment, and inventory.  Economic Injury Disaster Loans (EIDLs) are also available to small businesses unable to pay bills or meet operating expenses.

Interest rates are as low as 2.875 percent for homeowners and renters and 4 percent for businesses with terms up to 30 years.  Loan amounts and terms are set by SBA and are based upon each applicant's financial condition.

The deadline for physical damage applications is September 19, 2005.  The deadline for economic injury applications is April 19, 2006.

The State Individual Assistance (IA) Program will be available to those eligible homeowners in Cobb, Colquitt, Douglas and Worth counties who are denied SBA loan approval.  The purpose of the IA Program is to help disaster victims who do not have sufficient resources to find alternative housing for up to three months until their homes can be made livable.  Financial assistance, which can also be used for repairs or necessary purchases to expedite the provision of permanent housing, is provided at 100 percent of the U.S. Department of Housing and Urban Development fair market rental standards.  This program is available to counties that sustained losses of more than 50 uninsured/under-insured, uninhabitable homes.