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SBA Disaster Loan Application Deadline is Approaching for the May Severe Storms and Flooding Victims
SB Informer
Friday, June 30, 2006; 07:59 AM
BIDDEFORD, Maine - The U.S. Small Business Administration (SBA) is reminding homeowners, renters and businesses that July 24 is the deadline to file physical disaster loan applications for damages from the severe storms and flooding that occurred on May 13 through 23, 2006. Homeowners, renters and businesses that sustained physical damage in the declared York County; the contiguous counties of Cumberland and Oxford in the State of Maine and the contiguous counties of Carroll, Rockingham and Strafford in 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.
Applications and program information remain available by calling the SBA's National 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 http://www.sba.gov/disaster. Completed applications should be mailed to: U.S. Small Business Administration, National Processing and Disbursement Center, 14925 Kingsport Road, Ft. Worth, TX. 76155.
The application deadline for physical damage is July 24, 2006; the deadline for economic injury applications is February 26, 2007.
For more information about the SBA's Disaster Loan Programs, visit our website at http://www.sba.gov/disaster.
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