WASHINGTON (5-8-24) – Low-interest disaster loans from the U.S. Small Business Administration (SBA) are available to businesses and residents in Ohio following the announcement of a Presidential disaster. declaration due to tornadoes that occurred on March 14.

SBA Administrator Isabel Casillas Guzman

“SBA’s mission-driven team stands ready to help Ohio small businesses and residents impacted by this
disaster in every way possible under President Biden’s disaster declaration for certain affected areas. We’re committed to providing federal disaster loans swiftly and efficiently, with a customer-centric approach to help businesses and communities recover and rebuild.”

The disaster declaration covers Auglaize, Crawford, Darke, Delaware, Hancock, Licking, Logan, Mercer, Miami, Richland and Union counties in Ohio, which are eligible for both Physical and Economic Injury
Disaster Loans from the SBA. Small businesses and most private nonprofit organizations in the following
adjacent counties are eligible to apply only for SBA Economic Injury Disaster Loans (EIDLs): Allen, Ashland,
Champaign, Clark, Coshocton, Fairfield, Franklin, Hardin, Henry, Huron, Knox, Madison, Marion, Montgomery, Morrow, Muskingum, Perry, Preble, Putnam, Seneca, Shelby, VanWert, Wood and Wyandot in Ohio; and Adams, Jay, Wayne and Randolph in Indiana.

Disaster survivors should not wait to settle with their insurance company before applying for a disaster
loan. If a survivor does not know how much of their loss will be covered by insurance or other sources, SBA can make a low-interest disaster loan for the total loss up to its loan limits, provided the borrower agrees to use insurance proceeds to reduce or repay the loan.

Customer Service Representatives at SBA’s Business Recovery Center will assist business owners complete
their disaster loan application, accept documents for existing applications, and provide updates on an
application’s status. The Center will operate as indicated below until further notice:

Business Recovery Center
Logan County
Indian Lake Community Church
120 Orchard Island Rd
Russells Point, Ohio 43348
Opening: Tuesday, May 7 at 11 a.m. to 6 p.m.
Hours: Monday – Friday, 9 a.m. to 6 p.m.
Saturday, 10 a.m. to 2 p.m.
Closed: Sunday

Businesses and private nonprofit 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 nonprofit organizations, the SBA offers Economic Injury Disaster Loans (EIDLs) 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.

Disaster loans up to $500,000 are available to homeowners to repair or replace disaster-damaged or
destroyed real estate. Homeowners and renters are eligible for up to $100,000 to repair or replace disaster- damaged or destroyed personal property.

Interest rates are as low as 4% for businesses, 3.25% for nonprofit organizations, and 2.688% for
homeowners and renters, with terms of up to 30 years. Interest does not begin to accrue, and monthly
payments are not due, until 12 months from the date of the initial disbursement. Loan amounts and terms
are set by the SBA and are based on each applicant’s financial condition.

Building back smarter and stronger can be an effective recovery tool for future disasters. Applicants may
be eligible for a loan amount increase of up to 20% of their physical damages, as verified by the SBA for
mitigation purposes. Eligible mitigation improvements may include a safe room or storm shelter, sump
pump, French drain or retaining wall to help protect property and occupants from future disasters.


Francisco Sánchez, Jr., associate administrator for the Office of Disaster Recovery and Resilience at the Small Business Administration

“The opportunity to include measures to help prevent future damage from occurring is a significant benefit of SBA’s disaster loan program. I encourage everyone to consult their contractors and emergency management mitigation specialists for ideas and apply for an SBA disaster loan increase for funding.”


Applicants may apply online and receive additional disaster assistance information at SBA.gov/disaster.
Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email
disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are
deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay
services.

The filing deadline to return applications for physical property damage is July 1, 2024. The deadline to
return economic injury applications is Feb. 3, 2025.

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About the U.S. Small Business Administration
The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.