Temporary Tornado Disaster Loan Outreach Center now open at Chamber office

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From Special Reports

The U.S. Small Business Administration approved this week various low-interest disaster loan opportunities to small businesses, non-profit organizations, and home owners/renters associated with the recent tornado and storms.

Businesses and residents affected by the tornado may apply for low-interest disaster loans from the U.S. Small Business Administration (SBA). The declaration covers Coweta County and the adjacent counties of Carroll, Fayette, Fulton, Heard, Meriwether, Spalding, and Troup in Georgia.

To assist businesses and residents affected by the disaster, the SBA opened a Disaster Loan Outreach Center (DLOC) from July 23 to August 5 and is located at the Newnan-Coweta Chamber Office at 23 Bullsboro Drive in Newnan.

See below the operating hours:

Hours: Monday – Friday from 9 a.m. – 6p.m.

Closes Permanently: Thursday, August 5 at 6 p.m.

Customer service representatives will be available to answer questions about the loan program and help people complete applications. Due to the ongoing COVID-19 pandemic, the SBA has established health protocols. All visitors are encouraged to wear a face mask.

Businesses and private nonprofit organizations may borrow up to $2 million to repair or replace disaster damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.

Homeowners may borrow up to $200,000 to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for loans up to $40,000 to repair or replace damaged or destroyed personal property.

The filing deadline to return applications for physical property damage is Sept. 20, 2021. The deadline to return economic injury applications is April 20, 2022.

Preliminary Damage Estimates from FEMA for Individual Assistance:
• Total Number of Residences Impacted:  1,726
◦ Destroyed – 99
◦ Major Damage – 174
◦ Minor Damage – 469
◦ Affected – 984
• Percentage of insured residences:  69.0%
• Percentage of poverty households:  10.0%
• Percentage of ownership households:  74.0%
• Population receiving other government assistance such as SSI and SNAP:
◦ 1.4% (SSI)
◦ 10.4% Medicaid and CHIP
◦ 8.6% (SNAP)
• Pre-Disaster Unemployment:  2.9%
• Age 65 and older:  14.4%
• Age 18 and under:  24.3%
• Disability:  7.2%
• IHP Cost to Capacity (ICC) Ratio:  4
• Total Individual Assistance cost estimate:  $2,901,910

Preliminary Damage Estimates from FEMA for Public Assistance:
• Primary Impact:  Cost associated with debris removal
• Total Public Assistance cost estimate:  $28,317,034

Click here for SBA Press Release.
Click here for Agency Fact Sheet.
Click here for FEMA Preliminary Damage Assessment.

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