Massachusetts Residents and Businesses Are Reminded That Only Two Weeks Remain to Apply for Assistance

July 11, 2006; 08:45 AM
The U.S. Small Business Administration (SBA) is reminding homeowners, renters and businesses that there are only two weeks left to submit disaster loan applications for damage caused by the severe storms and flooding that occurred on May 12 through 23, 2006. The deadline to file for physical damage is July 24, 2006. Homeowners, renters and businesses that sustained physical damage in the declared counties of Essex, Middlesex and Suffolk and the contiguous counties of Norfolk and Worcester in the Commonwealth of Massachusetts and the contiguous Hillsborough and Rockingham counties in the State of New Hampshire are eligible to apply.

SBA offers loans up to $200,000 to repair disaster damaged primary residences. Homeowners and renters are eligible for loans up to $40,000 to replace personal property such as furniture, appliances and clothing. 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 because of the disaster.

Interest rates can be as low as 2.937 percent for homeowners and renters 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.

Victims that received damage from the May severe storms and flooding are encouraged to visit the Centers and complete an SBA disaster loan application.

    The Centers are listed below:

                 SBA Disaster Loan Assistance Centers (LACs)

    ESSEX COUNTY
    United Way of Merrimack Valley
    Ward Hill Industrial Park
    237 Neck Road
    Haverhill, MA  01835
    Open:   Monday-Friday:  8:00 AM to 5:00 PM

    Lawrence Public Library
    51 Lawrence Street
    Lawrence, MA 01841
    Open: Monday-Thursday: 9:00 AM to 6:00 PM
          Friday: 9:00 AM to 5:00 PM

    MIDDLESEX COUNTY
    Senior Center
    201 West Foster Street
    Open:  Monday-Friday: 8:00 AM to 5:00 PM

                  SBA Small Business Assistance Center (BAC)

    MIDDLESEX COUNTY
    Small Business Assistance Center
    88 Middle Street - Room 202
    Lowell, MA 01854
    Open:  Monday-Friday: 8:00 AM to 5:00 PM

Anyone unable to visit the Disaster Loan Assistance Centers may obtain an application by calling the SBA Customer Service Center at 1-800-659-2955 (1- 800-877-8339 for the hearing-impaired), Monday through Saturday from 8:00 a.m. until 9:00 p.m., EDT. Business loan applications can also be downloaded from the SBA website at www.sba.gov/disaster. Completed applications should be returned to one of the Disaster Loan Assistance Centers or mailed to: the U.S. Small Business Administration, National Processing and Disbursement Center, 14925 Kingsport Road, Ft. Worth, TX 76155.

The deadline for returning applications for physical damage is July 24, 2006; the deadline to return economic injury applications is February 26, 2007.

For more information about the SBA's Disaster Loan Programs, visit our website at www.sba.gov/disaster.