WILMINGTON — Hurricane Ida was the second most damaging and intense hurricane to make landfall in the Gulf Coast of the U.S.
The effects of the storm which started on Aug. 26 and lasted until Sept. 4 were felt in many states including Delaware.
The U.S. Small Administration recently announced physical and economic injury disaster loans to help in the recovery from the storm on Delmarva.
The announcement lets businesses in New Castle County and nearby counties in Maryland, Delaware and Pennsylvania to apply for relief funds.
In Delaware, Kent and New Castle County residents, business owners and organizations are eligible. In Maryland, those in Kent County and Cecil County and in Pennsylvania, Chester and Delaware Counties may apply too.
The program is for homeowners, businessowners and nonprofit organizations.
“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,” Jennifer Pilcher, SBA spokeswoman, said.
The loan program can also be used to help protect property, businesses and organizations from future storms.
Applicants may be eligible for a loan amount increase up to 20% of their physical damages, as verified by the SBA, for mitigation purposes. Eligible mitigation improvements may include a sump pump, elevation, French drain or retaining wall to help protect property and occupants from future damage caused by a similar disaster, SBA officials said.
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations, the SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. The loan program is available regardless of whether the business suffered any physical property damage.
Disaster loans up to $200,000 are available to homeowners to repair or replace disaster-damaged or destroyed real estate. Homeowners and renters are eligible for up to $40,000 to repair or replace disaster-damaged or destroyed personal property.
Interest rates are as low as 1.563 percent for businesses, 2% for nonprofit organizations and 2.855% for homeowners and renters, with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.
Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website, and should apply under SBA declaration # 17326 8 for physical damage and 17327 0 for economic injury.
Businesses and individuals may also obtain information and loan applications by calling the SBA’s Customer Service Center at 800-659-2955, deaf or hard of hearing applicants should call 800-877-8339.
Applicants may also email DisasterCustomerService@sba.gov for more information. Loan applications can also be downloaded at sba.gov/disaster.
Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The filing deadline to return applications for physical property damage is March 25. The deadline to return economic injury applications is Oct. 24.
