Small Business Administration offers disaster assistance for Baltimore-area businesses and individuals

The U.S. Small Business Administration is offering disaster assistance to businesses and individuals affected by the recent civil unrest in Baltimore.

Small businesses and private nonprofits may be eligible for working capital loans to handle working capital needs as a result of disaster related economic injury.

Businesses and individuals may apply for disaster assistance from the SBA before insurance is settled or proceeds are received by July 10 for physical damages.

Applicants do not have to accept a SBA disaster loan if one is offered. However, they must apply to the SBA to get an official response and to have the administration calculate an economic injury disaster loan amount.

The economic injury loan will consider current and future disaster-related working capital needs.

To apply, click here or visit the temporary Disaster Loan Outreach Center at the Coppin State University library (2500 W. North Ave., Baltimore, MD 21216) through July 10.

Applicants should call 1-800-659-2955 for an application or if they have questions.

The SBA encourages all businesses, nonprofits and individuals with disaster-related damages to apply as soon as possible to keep the low rate, long-term disaster loan option open.

Source: Small Business Administration