The Small Business Administration has approved Gov. Larry Hogan’s request for a physical disaster declaration in Carroll County after the F-1 tornado hit Mount Airy in November.
This declaration, made by the Maryland Emergency Management Agency Dec. 7, allows affected businesses, homeowners, and renters whose properties had damages and meet certain criteria to apply for low-interest loans for repairs. People who live in contiguous counties, including Baltimore, Frederick, and Howard counties, are also eligible to apply.
“We understand how profoundly a disaster like a tornado can affect our Maryland homeowners, residents, and businesses,” said Hogan. “These loans are a key component of the recovery process and crucial in the rebuilding process. Our administration’s support of these communities will continue as we recover and rebuild as quickly as possible.”
According to a MEMA release, businesses and nonprofits affected by the tornado might be eligible for borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets; and homeowners might be eligible for loans of up to $200,000 to repair or replace damaged or destroyed real estate.
Homeowners or renters affected by the tornado might also be eligible for loans of up to $40,000 to repair or replace damaged or destroyed personal property.
SBA’s customer service representatives will be available at the Carroll County Public Library Mount Airy branch, 705 Ridge Ave., through Tuesday, Dec. 18, to answer questions about the disaster loan program and help individuals complete their applications.