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SBA Loans Still Available After Outreach Centers Close

By Mitch Legan

Posted July 16, 2021

U.S. Small Business Administration logo

(U.S. Small Business Administration)

Small Business Administration (SBA) loans will still be available after Disaster Loan Outreach Centers close today.

The SBA opened two centers in southern Indiana last week to help individuals and businesses apply for low-interest disaster relief loans. They are located at the Monroe County Convention Center in Bloomington and the Madison Area Chamber of Commerce in Madison. Both centers will stop operating at 5 p.m. Friday.

The deadline to apply for a disaster loan for physical damages is Sept. 7. The deadline for businesses and nonprofits to apply for economic injury loans is April 7, 2022.

Julie Garrett, public affairs specialist with the SBA’s Office of Disaster Assistance, encourages those who were affected by the June 18 storms to apply for loans. She said in her years working disasters, people often realize damage was worse than they thought and regret not applying.

“There's no obligation to accept (the loan),” Garrett said. “And you can say no now and then turn your loan application back on for six months from the date of your determination letter.”

The SBA has received 54 loan applications so far – 46 from homeowners and renters and eight from businesses. Five loans have been approved at a total of $194,700.

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