Missouri Business Headlines

Federal disaster loans now available in Missouri counties impacted by storms and floods

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As Missourians work to recover from flooding and tornado activity, the U.S. Small Business Administration has announced that low-interest federal disaster loans are now available to Missouri businesses and residents in impacted counties. The SBA has also opened a business recovery center in Jefferson City to help Missouri businesses access all available resources following the storms.

President Trump’s major disaster declaration covers Andrew, Atchison, Boone, Buchanan, Carroll, Chariton, Cole, Greene, Holt, Jackson, Jasper, Lafayette, Lincoln, Livingston, Miller, Osage, Pike, Platte, Pulaski and St. Charles counties as a result of the severe storms, tornadoes and flooding that began April 29, 2019.

Residents and business in contiguous counties can also seek help. These counties include: Audrain, Barton, Caldwell, Callaway, Camden, Cass, Christian, Clay, Clinton, Cooper, Dade, Dallas, Daviess, DeKalb, Franklin, Gasconade, Gentry, Grundy, Howard, Johnson, Laclede, Lawrence, Linn, Macon, Maries, Moniteau, Montgomery, Morgan, Newton, Nodaway, Pettis, Phelps, Polk, Ralls, Randolph, Ray, Saline, St. Louis, Texas, Warren and Webster.

Several counties in Iowa, Illinois, Kansas and Nebraska are also covered. See the full list.

The deadline to apply for property damage is Sept. 9, 2019. The deadline to apply for economic injury is April 9, 2020.

“SBA is strongly committed to providing Missouri with the most effective and customer-focused response possible and with access to federal disaster loans to help businesses and residents affected by this disaster,” said Christopher M. Pilkerton, U.S. Small Business Administration’s acting Administrator. “Getting our businesses and communities up and running after a disaster is our highest priority at SBA.”

Businesses of all sizes and private nonprofit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets. SBA can also lend additional funds to businesses and homeowners to help with the cost of improvements to protect, prevent or minimize the same type of disaster damage from occurring in the future.

For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size, SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic injury assistance is available to businesses regardless of any property damage.

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

Interest rates can be as low as 4 percent for businesses, 2.75 percent for private nonprofit organizations and 2.063 percent for homeowners and renters with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant’s financial condition.

The SBA’s Business Recovery Center is located at the Small Business Development Center at Lincoln University, 917 Leslie Blvd. Jefferson City. It is open Monday through Friday, 9 a.m. — 6 p.m. No appointment is necessary. All services are provided free of charge.

Services are also available at Missouri Small Business Development Centers located across the state. See their locations and learn about the services offered.

“Due to the severe property damage and economic losses inflicted on Missouri businesses, we want to provide every available service to help get them back on their feet,” said SBA’s Director Tanya N. Garfield of the U.S. Small Business Administration’s Disaster Field Operations Center-West. “The center will provide a one-stop location for businesses to access a variety of specialized help. SBA customer service representatives will be available to meet individually with each business owner.”

For business owners who are unable to visit the business recovery center, they may apply online using SBA’s secure website.

To receive additional disaster assistance information, visit SBA’s website. Applicants may also call SBA’s Customer Service Center at 800.659.2955 or email disastercustomerservice@sba.gov for more information.  Individuals who are deaf or hard of hearing may call (800) 877-8339. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX  76155.

Additional resources

Missouri Disaster Assistance Fact Sheet

Getting Disaster Help from SBA

Disaster Loans: The Three Step Process

 

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