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Deadline nears for SBA disaster loan applications

The U.S. Small Business Administration has issued a reminder to homeowners, renters, businesses and nonprofit organizations in Maryland that the deadline is Sept. 29 to submit disaster loan applications for damages caused by flooding on June 12. Low-interest disaster loans are available in Allegany, Frederick, Garrett and Washington counties. Homeowners may receive loans up to $200,000 to repair or replace damaged or destroyed real estate, and homeowners and renters are eligible for up to $40,000 for personal property. Businesses and nonprofits of any size may borrow up to $2 million to repair or replace real estate or other business assets. Interest rates are as low as 2.188 percent for homeowners and renters, 2.625 percent for nonprofits and 4 percent for businesses with terms up to 30 years. Applicants may apply online at