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SBA Offers Disaster Assistance to Businesses and Residents in Montgomery County Affected by Remnants of Tropical Storm Ida

For Immediate Release: Thursday, October 21, 2021

Maryland businesses and residents, including those in Montgomery County, affected by the remnants of Tropical Storm Ida on Aug. 31 through Sept. 4, may apply for low-interest disaster loans from the U.S. Small Business Administration (SBA).

“Montgomery County encountered deadly consequences last month following rain and flooding from the remnants of Tropical Storm Ida,” said County Executive Marc Elrich. “We are very appreciative of the Small Business Association to offer low interest disaster loans to impacted residents and businesses. On our end, the County government and our partners will make sure all who are applicable are aware of this opportunity to help them recover and rebuild from damage incurred.”

Loans available include:

Business Physical Disaster Loans – Loans to businesses to repair or replace disaster-damaged property owned by the business, including real estate, inventories, supplies, machinery, and equipment. Businesses of any size are eligible. Private, nonprofit organizations such as charities, churches, private universities, etc., are also eligible.

Economic Injury Disaster Loans – Working capital loans to help small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private, non-profit organizations of all sizes meet their ordinary and necessary financial obligations that cannot be met as a direct result of the disaster. These loans are intended to assist through the disaster recovery period.

Home Disaster Loans – Loans to homeowners or renters to repair or replace disaster-damaged real estate and personal property, including automobiles.

To assist businesses and residents affected by the disaster, the SBA is opening a Disaster Loan Outreach Center in Montgomery County at the Twinbrook Library located at 202 Meadow Hall Dr. in Rockville. The center will be open Oct. 25 – Nov. 5. See hours below:

Monday, Wednesday, Friday – 10 a.m. – 6 p.m.

Tuesday, Thursday – 12 p.m. – 8 p.m.

Saturday – 10 a.m. – 2 p.m.

The loans were made available in response to a letter from Governor Larry Hogan on Oct. 15, requesting a disaster declaration by the SBA. Businesses and residents in the declared area can now apply for the low-interest disaster loans from the SBA. The declaration covers Anne Arundel, Cecil and Montgomery Counties and the adjacent counties of Baltimore, Baltimore City, Calvert, Frederick, Harford, Howard, Kent, Prince Georges in Maryland; New Castle in Delaware; Chester and Lancaster in Pennsylvania; and Arlington, Fairfax, and Loudoun in Virginia.

Montgomery County has identified approximately 25 individual residences and/or businesses that sustained damage as a result of the remnants of Tropical Storm IDA on Sept. 1. The filing deadline to return applications for physical property damage is Dec. 17. The deadline to return economic injury applications is July 18, 2022.

For more information on the SBA disaster loans click here.

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Release ID: 21-852
Media Contact: Monika Hammer 240-463-2442
Categories: Public Safety