SBA Offers Disaster Assistance to Massachusetts Residents Affected by Severe Storms and Flooding
Business Wire, July 28, 2010
WASHINGTON — Residents and businesses affected by severe storms and flooding on July
10 in Middlesex County, can apply for low-interest disaster loans from
the U.S. Small Business Administration, SBA Administrator Karen G. Mills
announced today.
Mills made the loans available in response to a letter from
Massachusetts Acting Gov. Timothy P. Murray on July 23, requesting a
disaster declaration by the SBA. The declaration covers Middlesex County
and the adjacent counties of Essex, Norfolk, Suffolk and Worchester in
Massachusetts and Hillsborough in New Hampshire.
The SBA is strongly committed to providing the people of Massachusetts
with the most effective and customer-focused response possible to assist
homeowners, renters, and businesses of all sizes with federal disaster
loans, said Administrator Mills. Getting businesses and communities up
and running after a disaster is our highest priority at SBA.
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 SBAs Field
Operations Center East in Atlanta. SBAs customer service
representatives will be on hand at the Disaster Loan Outreach Center to
answer questions about the disaster loan program, explain the process,
issue and help individuals complete their applications.
The Center will be located in the following community and will open as
indicated:
Middlesex CountySomerville
High SchoolAtrium at the Field House81 Highland AvenueSomerville,
MA 02143Opens: Friday, July 30 from 9 a.m. to 5:30 p.m.Open:
Saturday, July 31 from 9 a.m. to 1 p.m.Close: Sunday,
August 1Open: Monday, August 2 Thursday, August 5 from 9
a.m. to 5:30 p.m.Closes: Thursday, August 5 at the close of
business
Businesses and non-profit organizations of any size may borrow up to $2
million to repair or replace damaged or destroyed real estate, machinery
and equipment, inventory, and other business assets, said Robert
Nelson, SBAs Massachusetts district director.
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, 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 2.750 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 applicants financial condition.
Individuals and businesses unable to visit the Center in person may
obtain information on loan applications by calling the SBAs Customer
Service Center at 800-659-2955 (800-877-8339 for people with speech or
hearing disabilities), Monday through Friday from 8 a.m. to 6 p.m. EDT
or by sending an e-mail to disastercustomerservice@sba.gov.
Business loan applications can also be downloaded from the SBA website
at www.sba.gov.
Completed applications should be returned to the Center or mailed to:
U.S
Jul 29, 2010
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