COLUMBUS — Ohio Governor Mike DeWine announced on Thursday 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 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.