ATLANTA – The U.S. Small Business Administration reminds homeowners, renters, businesses and non-profit organizations of the deadline to submit disaster loan applications for damages due to Tropical Storm Maria that occurred on Sept. 8-14, 2011. The deadline to file an SBA disaster loan application for physical damage is Dec. 19, 2011.
Anyone with insured losses should not wait for an insurance settlement before applying to the SBA. “If someone does not know how much of their loss will be covered by insurance or other sources, the SBA will consider making a loan for the total loss up to its loan limits, provided they agree to use insurance proceeds to reduce or repay their SBA loan,” said Frank Skaggs, director of SBA Field Operations Center East.
Low-interest disaster loans are available in the following municipalities of Juana Diaz, Naguabo and Yabucoa which are eligible for both Physical and Economic Injury Disaster Loans from the SBA. Small businesses and most private non-profit organization in the following adjacent municipalities are eligible to apply only for SBA Economic Injury Disaster Loans: Ceiba, Coamo, Humacao, Jayuya, Las Piedras, Maunabo, Orocovis, Patillas, Ponce, Rio Grande, San Lorenzo, Santa Isabel and Villalba in Puerto Rico.
Interest rates are as low as 2.5 percent for homeowners and renters, 3 percent for non-profit organizations and 4 percent for businesses with terms up to 30 years. The SBA sets the loan amounts and terms based on each applicant’s financial condition.
For additional assistance, call the SBA’s Customer Service Center at 800-659-2955 (800-877-8339 for people with speech or hearing disabilities) or send an e-mail to firstname.lastname@example.org. Loan application forms can be downloaded from the SBA website at www.sba.gov. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
Those affected by the disaster may also apply for disaster loans electronically from SBA’s website at https://disasterloan.sba.gov/ela/.
The filing deadline to return applications for physical damage is December 19, 2011. The deadline to return economic injury applications is July 18, 2012.
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For more information about the SBA’s Disaster Loan Program, visit our website at www.sba.gov.