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PRESS RELEASE
SBA LOW-INTEREST LOANS AVAILABLE AS A RESULT OF
SEVERE FLOODING
HARTFORD, Ct. - The U.S. Small Business Administration (SBA) announced that the State of Connecticut; the contiguous counties of Berkshire, Hampden and Worcester in the Commonwealth of Massachusetts and the contiguous Dutchess County in New York have been declared a disaster area as a result of the severe flooding that occurred on October 14 - 15, 2005.
“As a result of this declaration, low-interest loans are available to renters, homeowners, and businesses that sustained damages from the flooding,” said Frank Skaggs, Director of SBA Field Operations Center - East. “If you had any damage as result of the October 14 – 15, 2005 severe flooding, you are eligible to apply for this help,” Skaggs added.
SBA offers loans up to $40,000 for renters and homeowners to repair or replace disaster damaged personal property such as furniture and clothing. Homeowners are eligible for loans up to $200,000 to repair disaster damaged primary residences. Loans to businesses of all sizes and non-profit organizations are available up to $1.5 million to repair damage to real estate, machinery, equipment and inventory. Economic Injury Disaster Loans (EIDLs) are also available to small businesses unable to pay bills or meet operating expenses.
Interest rates are as low as 2.687 percent for renters and homeowners and 4.000 percent for businesses with terms up to 30 years. Loan amounts and terms are set by SBA and are based upon each applicant’s financial condition.
Applications may be obtained by calling the SBA Disaster Assistance National Customer Service Center at 1-800-659-2955 (for the hearing-impaired 1-800-877-8339). Applications may be obtained, completed and returned to the Disaster Outreach Centers or mailed to: U. S. Small Business Administration, National Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, Texas 76155.
The deadline for physical damage applications is February 21, 2006; the deadline for economic injury applications is September 21, 2006.
There have been a number of inquiries from homeowners, small business owners, and renters about when the Federal government and FEMA are going to declare Enfield a disaster area so they can apply for financial relief.
The ONLY financial assistance available to homeowners, renters, and small business owners is from the Small Business Administration (SBA) low-interest loan program. The deadline for this program is February 21, 2006.
Individuals interested in this program should call the SBA at 1-800-877-8339, or visit their website at www.sba.gov/disaster
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