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SBA help for Isabel loans is available

October 12, 2003

BALTIMORE - Small Business Development Centers in Maryland are offering free help in preparing loan applications for small businesses affected by Hurricane Isabel.

Businesses in the primary declared counties may apply for low-interest SBA disaster loans to repair or replace uninsured or underinsured business property and contents damaged in a disaster.

Additionally, through the Economic Injury Disaster Loan program SBA can provide eligible small businesses with working capital to meet continuing operating expenses and debt payments until normal operations resume.

Small businesses in the primary counties and in adjoining counties may apply for EIDLs. On SBA business disaster loans, interest rates can be as low as 3.1 percent with terms of up to 30 years.

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Business owners are encouraged to register with FEMA at 1-800-621-3362. Once registered, an application will be mailed automatically.

Business loan applications also may be obtained via SBA's Web site at www.sba.gov/disaster.

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