“This Center will give residents the opportunity to speak face-to-face with SBA customer service representatives, receive guidance on the application process and learn about the loan options most appropriate for their situation,” Gov. Dannel Malloy said Monday. “I want to encourage everyone impacted by the fire to take advantage of this great resource and the get all the help available to them so they can get back on their feet as soon as possible.”
For homeowners or renters, SBA offers Home Disaster Loans to repair or replace disaster-damaged real estate or personal property owned by the victim. Renters are eligible for their personal property losses, including automobiles. Business Physical Disaster Loans are offered to businesses of any size to repair or replace disaster-damaged property owned by the business, including real estate, inventories, supplies, machinery and equipment.
For small businesses, small agricultural cooperatives, small aquaculture businesses and most private non-profit organizations of all sizes, the SBA offers Economic Injury Disaster Loans (EIDLs) to help meet working capital needs caused by the disaster. EIDL assistance is available regardless of whether the business suffered any physical property damage.
Interest rates are as low as 2.25 percent for homeowners and renters, 2.625 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. Applicants may be eligible for a loan amount increase up to 20 percent of their physical damages, as verified by the SBA, to make improvements that help prevent the risk of future property damage caused by a similar disaster.
The Disaster Loan Outreach Center will officially open on Wednesday, Jan. 29, from 8:30 a.m. to 5:30 p.m. and will close on Thursday, Feb. 6, at close of business.
The center will be in Room 104 in City Hall, and will be open Monday-Friday from 8:30 a.m. to 5:30 p.m. and Saturdays from 9 a.m. to 1 p.m. It will be closed on Sunday.
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 emailing firstname.lastname@example.org. Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at https://disasterloan.sba.gov/ela. Loan applications can also be downloaded at www.sba.gov/disaster.
The filing deadline to return applications for physical property damage is March 25. The deadline to return economic injury applications is October 24. 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.