ATLANTA –The U.S. Small Business Administration announced the opening of a Disaster Loan Outreach Center (DLOC) in the municipality of Vega Baja, Tuesday, Jan 15 at 9 a.m. This Center will provide one-on-one assistance to homeowners, renters and business owners seeking disaster assistance for losses caused by the heavy rains and flooding on Nov. 12 – 13, 2012.
“SBA’s Customer Service Representatives will be on hand at the Center to assist survivors with completing their applications,” said Frank Skaggs, director of SBA Field Operations Center East.
The Center is located in the following community and open as indicated:
Municipality of Vega Baja
Area Recreativa Tortuguero
Carr. 687 Vega Baja P.R. 00693
Opening: Tuesday, Jan. 15 at 9 a.m.
Hours: Tuesday – Friday from 9 a.m. – 6:30 p.m.
Closing: Friday, Jan. 18 at close of business
“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,” Skaggs added.
“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 Francisco Marrero, SBA’s Puerto Rico acting 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, small agricultural cooperatives, small aquaculture 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 1.688 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 applicant’s financial condition.
Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at https://disasterloan.sba.gov/ela.
Individuals and businesses unable to visit the Center may obtain information and loan applications by calling the SBA’s Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and hard-of-hearing), or by sending an email to email@example.com. Loan applications can also be downloaded from the SBA’s website at www.sba.gov. Completed applications should be returned to the Center or mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The filing deadline to return applications for physical property damage is March 4, 2013. The deadline to return economic injury applications is October 3, 2013.