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SBA Offers Disaster Assistance to Connecticut Residents Affected by the Fire in the City of Norwich
SBA Offers Disaster Assistance to Connecticut Residents Affected by the Fire in the City of Norwich
WASHINGTON, May 9 /PRNewswire-USNewswire/ --Connecticut residents and businesses affected by the fire in the city ofNorwich April 26, 2008 can apply for low-interest disaster loans from the U.S. Small Business Administration, SBA Administrator Steve Preston announced today.
Administrator Preston took this action following a May 1 letter fromConnecticut Governor M. Jodi Rell requesting a disaster declaration by the Small Business Administration. The declaration coversNew London County and the adjacent counties ofHartford,Middlesex,Tolland andWindham in theState of Connecticut; andKent andWashington counties in theState of Rhode Island.
"We look forward to working with residents ofConnecticut affected by the fire to make the SBA disaster loans available to renters, homeowners and businesses to help them finance the rebuilding of their communities," said Administrator Preston.
Frank Skaggs, Director of Disaster Field Operations Center East said, "Residents are eligible for loans up to $40,000 to repair or replace damaged or destroyed personal property. Loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. The SBA's Customer Service Representatives will be on hand at the Disaster Loan Outreach Center to issue loan applications, answer questions about the SBA's disaster loan program, explain the application process and help individuals complete their application."
The Center will be located in the following community and will open as indicated:
New London County
Norwich City Hall
City Manager's Office, Room 219
100 Broadway,Norwich, CT 06360
Opens: Tuesday, May 13, 2008
Hours: 8:30 a.m. to 4:30 p.m.
Tuesday, May 13 - Friday, May 16
Closing: Friday, May 16, at the close of business
Bernard M. Sweeney, SBA'sConnecticut District Director stresses, "Low-interest Federal disaster loans are available to renters, homeowners, businesses of all sizes and private, non-profit organizations whose property was damaged or destroyed by the fire."
Businesses of any size and private non-profit organizations may borrow up to $1.5 million to repair or replace damaged or destroyed real estate, machinery, equipment, inventory, and other business assets. The SBA can also lend additional funds to help with the cost of making improvements that protect, prevent or minimize the same type of disaster damage from occurring in the future.
For small businesses only, the SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic Injury Disaster Loans assistance is available regardless of whether the business suffered any physical property damage.
Interest rates are as low as 2.687 percent homeowners and renters, and 4.000 percent for businesses, with terms up to 30 years. Loan amounts and terms are set by the SBA and are based upon each applicant's financial condition.
Individuals and businesses unable to visit the Center in person may obtain information and loan applications by calling tollfree (800) 659-2955. Hearing impaired individuals may call (800) 877-8339.
The filing deadline to return applications for physical property damage is July 7, 2008. The deadline to return economic injury applications is February 5, 2009.
For more information about the SBA's Disaster Loan Programs, visit our website at www.sba.gov.
SOURCE U.S. Small Business Administration
Copyright © 2008, PRNewswire
Copyright © 2008, NewsBlaze,
Daily NewsTags: Tags: Banking and Finance, , connecticut, district of columbia
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