Applicants must have credit history acceptable to the SBA and have the ability to repay the loan. If loan is over $5,000, the SBA requires collateral when available. However, the SBA will not decline the loan for lack of collateral. Approved loans are at a 4.00% fixed interest rate for a maximum term of 30 years.

Application deadline is February 14, 2011.

For further information, see SBA Disaster Loan for Deepwater BP Oil Spill Fact Sheet or to apply online see SBA Disaster Loan Online Application.

During an unrelated counseling session with SBDC certified business analyst Bill McKown, Mark mentioned the internet marketing program and how for him it was a bust. A few months later, Mark received a call from McKown who suggested they move quickly to take advantage of a class action suit. The legal action had recently been settled by the Florida Attorney General’s office on behalf of other Florida residents who had signed up with same the online marketing company.

McKown was aware of the settlement due to a tip from Ruth Shank. Mrs. Shank is an SBDC client who had visited McKown’s office to seek help with accounting questions. As the counseling session unfolded, McKown became concerned with several aspects of Mrs. Shank’s experience with the online marketing firm and suggested she file a complaint with the local sheriff’s department.

Mrs. Shank followed-up with a call to her local legislator, Florida House District 77 Representative Denise Grimsley. From Grimsley’s office, Mrs. Shank received news of a pending class action suit against the internet marketing company. According to Florida Attorney General Bill McCollum’s official website, the state’s action against the internet company was for allegedly using deceptive practices to get consumers to buy expensive website creation products and services.

Due to the volume of complaints from citizens like Mrs. Shank, the state’s class action suit was successful. In September of 2008, Mrs. Shank received a refund of most of her investment. Mrs. Shank offered the following advice, I would caution all senior citizens to be cautious and to inquire at the SBDC office before starting a business.

In December of 2008, Mark and Esther Williard also received their refund. Mark exclaimed, We are so pleased with the SBDC for what their programs have done for us personally and with our business. And we especially thank Bill McKown for all the counseling sessions, emails, and phone calls and for looking out for us not only in our business endeavors, but our personal lives as well.

There is a happy ending to this story with over $30,000 recovered for local residents like Mrs. Shank and the Williards. However, McKown is quick to point out that current economic conditions have accelerated cases of fraud. His advice for those listening “Caveat Emptor!”

House District 66 – Senate District 17 – U.S. Congressional District 16

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