Small Business Administration Loans Available to Businesses Affected by Hurricane Sandy

Small Business Administration Loans Available to Businesses Affected by Hurricane Sandy

Virginia residents and businesses affected by Hurricane Sandy can apply for low-interest disaster loans from the U.S. Small Business Administration. Gov. Bob McDonnell had requested a disaster declaration from the SBA for Accomack County.  “Loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate.  Homeowners and renters are eligible for loans up to $40,000 to repair or replace damaged or destroyed personal property,“ said Frank Skaggs, director of SBA’s Field Operations Center East in Atlanta.  Businesses and nonprofit organizations can borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.  For small businesses, small agricultural cooperatives, small aquaculture businesses and most nonprofit organizations of all sizes, the SBA offers Economic Injury Disaster Loans (EIDLs) to help meet working capital needs caused by the disaster, which is available regardless of whether the business suffered any physical property damage.  Interest rates are as low as 1.688 percent for homeowners and renters, 3 percent for nonprofit 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.

Applicants may also apply online using the Electronic Loan Application (ELA) via SBA’s secure website at https://disasterloan.sba.gov/ela.  Individuals and businesses unable to visit the Center may also obtain information and loan applications by calling the SBA’s Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and hard-of-hearing), or by sending an email to disastercustomerservice@sba.gov . Loan applications can also be downloaded from the SBA’s website at http://www.sba.gov.

Completed applications should be returned to the Center or mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.  The filing deadline to return applications for physical property damage is Feb. 5, 2013 .  The deadline to return economic injury applications is September 9, 2013.

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