SBA Disaster Loans Available in Connecticut for Businesses and Individuals

ATLANTA, Sept. 13, 2011 /PRNewswire-USNewswire/ -- The U.S. Small Business Administration's Regional Administrator for New England, Jeanne Hulit is encouraging survivors affected by Tropical Storm Irene in the State of Connecticut to register for assistance with the Federal Emergency Management Agency (FEMA) and return completed SBA disaster loan applications to get the help they need.    

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The SBA's low-interest disaster loan program is the primary source of federal funds for long-term   recovery for uninsured damages caused by a declared disaster. "We are coordinating recovery efforts with our SBA Resource Partners along with federal, state and local stakeholders in the declared disaster area to ensure affected survivors receive proper assistance from the SBA.    Taking time to complete and return the loan application package to the SBA is an important part of the recovery process," Hulit said.

Disaster loans up to $200,000 are available to homeowners to repair or replace disaster damaged or destroyed real estate.  Homeowners and renters are eligible up to $40,000 to repair or replace disaster damaged or destroyed personal property.  Businesses and private non-profit organizations of any size may borrow up to $2 million for physical losses and working capital needs.  Interest rates are as low as 2.5 percent for homeowners and renters, 3 percent for non-profit organizations and 4 percent for businesses with terms up to 30 years.  

"The SBA District Office and the Small Business Development Center (SBDC) Network throughout Connecticut are reaching out to local businesses to make sure they have access to federal resources to help them recover from the disaster.  Hundreds of businesses have already reported being damaged either financially, physically or both by Tropical Storm Irene. The staff of the SBA along with that of the SBDCs throughout Connecticut will provide assistance to all who request our help," according to Bernard Sweeney, the SBA's district director for Connecticut.

"Connecticut's SBDC Network is conveniently located throughout our state and provides expert guidance to new and emerging business owners.  Providing help with SBA disaster loan applications to businesses impacted by Tropical Storm Irene is a natural fit and very important undertaking," added Ginne-Rae Clay, state director of the Connecticut Small Business Development Centers.    

Certified business consultants from the SBDC network are available to assist businesses in completing their disaster loan applications at no cost. Call (860) 832-0650 or visit www.ctsbdc.org  for the nearest SBDC location.  

The disaster declaration covers the Connecticut counties of Fairfield, Hartford, Litchfield, Middlesex, New Haven, New London, Tolland and Windham, which are eligible for both Physical and Economic Injury Disaster Loans from the SBA.  Small businesses and most private non-profit organizations in the following neighboring counties are eligible to apply only for SBA Economic Injury Disaster Loans: Berkshire, Hampden and Worcester in Massachusetts; Dutchess, Putnam and Westchester in New York; and Kent, Providence and Washington in Rhode Island.

To be considered for all forms of disaster assistance, call the Federal Emergency Management Agency (FEMA) at 800-621-FEMA (3362), (TTY) 800-462-7585 for the deaf and hard-of-hearing. Additional information on the loan application process and the locations of Disaster Recovery Centers can be obtained by calling the SBA Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an email to [email protected].  

Those affected by the disaster may also apply for disaster loans electronically from SBA's website at https://disasterloan.sba.gov/ela/.

The filing deadline to return applications for physical property damage is November 3, 2011.
The deadline to return economic injury applications is June 4, 2012.

For more information about the SBA's Disaster Loan Program, visit our website at www.sba.gov.

Contact:  Michael Lampton
Phone:  404-331-0333

SOURCE U.S. Small Business Administration

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