SBA Urges Return of Loan Applications Before Oct. 31
More Than $10 Million SBA Disaster Loans Approved in New York
ATLANTA, Sept. 28, 2011 /PRNewswire-USNewswire/ -- The U.S. Small Business Administration is urging survivors in New York affected by Hurricane Irene to quickly return completed SBA low-interest disaster loan applications in order to be considered for all forms of assistance. The deadline to file for physical damage is Oct. 31.
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The SBA has approved more than $10 million in Disaster Assistance Loans for residents and business owners in New York. "Currently, 208 home and business disaster loans have been approved in the amount of $10,314,900 for affected survivors," said Frank Skaggs, director of SBA's Field Operations Center East in Atlanta. "We are pleased to be able to get these loans approved so residents and businesses in the disaster area can start to rebuild and resume their normal lives."
"There is a tendency for survivors to discard SBA disaster loan applications because they may not want a loan. However, they risk missing out on all the disaster assistance they may be eligible for by not returning completed applications to SBA," said Bernard Paprocki, director, SBA Syracuse District Office.
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 to repair or replace disaster damaged or destroyed real estate, machinery and equipment, inventory, and other business assets. The SBA may increase a loan up to 20 percent of the total amount of disaster damage to real estate and/or leasehold improvements, as verified by SBA, to make improvements that lessen the risk of property damage by future disasters of the same kind.
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private non-profit organizations of all sizes, the SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic Injury Disaster Loan assistance is available regardless of whether the business suffered any physical property damage.
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. Loan amounts and terms are set by the SBA and are based on each applicant's financial condition.
Those affected by the disaster should register with Federal Emergency Management (FEMA) at 1-800-621-FEMA (3362) or 800-462-7585 (TTY) for the deaf and hard-of-hearing or register online at www.disasterassistance.gov. Homeowners and renters who cannot afford a SBA loan may be referred to FEMA for possible grant funds.
More information about the disaster loans can be obtained by calling the SBA's Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) Monday through Friday from 8 a.m. to 8 p.m., and Saturday and Sunday from 9 a.m. to 5:30 p.m. ET or by sending an email to [email protected]. Loan applications can be downloaded from www.sba.gov. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
Those affected by the disaster may also apply for disaster loans electronically from SBA's website at https://disasterloan.sba.gov/ela/.
The deadline to return SBA applications for physical property damage is October 31, 2011. The deadline to return applications for economic injury is May 31, 2012.
For more information about the SBA's Disaster Loan Program, visit our website at www.sba.gov.
Contact: Mark Ihenacho
Phone: 404-331-0333
SOURCE U.S. Small Business Administration
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