U.S. Small Business Administration Declares Disaster for May 18-19 Flooding
COLUMBUS — Ohio Governor Mike DeWine announced today that Ohio has received a U.S. Small Business Administration (SBA) disaster declaration for flooding that occurred in Franklin County May 18-19, opening up the possibility of low-interest disaster loans for business owners, homeowners and renters in Franklin County and six adjacent counties.
This SBA-only declaration is for individuals and businesses who have uninsured losses from severe storms and flooding in mid-May in Franklin and six adjacent counties: Union, Delaware, Licking, Fairfield, Pickaway and Madison counties.
There are three types of loans available to those with credit acceptable to SBA:
- Business Physical Disaster Loans – Loans to businesses to repair or replace disaster-damaged property owned by the business, including real estate, inventories, supplies, machinery and equipment. Businesses of any size are eligible. Private, non-profit organizations such as charities, churches, private universities, etc., are also eligible.
- Economic Injury Disaster Loans (EIDL) – Working capital loans to help small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private, non-profit organizations of all sizes meet their ordinary and necessary financial obligations that cannot be met as a direct result of the disaster. These loans are intended to assist through the disaster recovery period.
- Home Disaster Loans – Loans to homeowners or renters to repair or replace disaster-damaged real estate and personal property, including automobiles.
SBA has opened a Virtual Disaster Loan Outreach Center (VDLOC) to help survivors apply online using the Electronic Loan Application (ELA) via the SBA’s secure website at https://disasterloanassistance.sba.gov/ and there are virtual customer support representatives available to assist applicants with completing the online application. The VDLOC information:
Virtual Disaster Loan Outreach Center (VDLOC)
Open: Monday – Friday
Hours: 8 a.m. – 5 p.m.
Closed: Saturdays and Sundays
Phone: (202) 803 – 3307 or (470) 363 – 5936
These services are only available for the Ohio disaster declaration as a result of severe storms and flooding on May 18-19, 2020, and not for COVID-19 related assistance.