SBA to Close Business Recovery Center in Washington
SOURCE: U.S. Small Business Administration
The U.S. Small Business Administration announced that due to a steady decrease of activity, the Business Recovery Center located at the Washington District Library will close on Friday, Dec. 13 at 5 p.m. Business owners interested in obtaining a low-interest disaster loans are encouraged to visit the Center before it ceases operations.
The Center is located in Tazewell County at the Washington Library, 380 N. Wilmor Road, Washington, IL 61571. The remaining hours of operation are: Wed. – Thurs. from 9 a.m. to 6 p.m., and Fri. from 9 a.m. to 5 p.m., when it will close.
Businesses and private non-profit organizations of any size may borrow up to $2 million to repair or replace disaster damaged or destroyed real estate, machinery and equipment, inventory, and other business assets. For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private non-profit organizations of all sizes, the SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic Injury Disaster Loan assistance is available regardless of whether the business suffered any physical property damage.
Those that are unable to visit the Center have three ways to apply:
· Applicants can meet with an SBA representative and apply at any of the Disaster Recovery Centers.
· Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at https://disasterloan.sba.gov/ela.
· Loan applications can be downloaded from www.sba.gov/disaster and mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
Interest rates are as low as 2.625 percent for non-profit organizations and 4 percent for businesses with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition. There is no cost to apply and no obligation to take a loan if it is offered.
Details on the locations of Disaster Recovery Centers and the loan application process can be obtained by calling the SBA Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an email to firstname.lastname@example.org.
The filing deadline to return applications for physical property damage is January 27, 2014. The deadline to return economic injury applications is August 26, 2014.
View the release here.