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PR 11932 Deadline for SBA Disaster Loan Applications is January 19

Field Operations Center: 
East
Release Number: 
10-164, PR 11932/11933
Release Date: 
Wednesday, December 30, 2009
Contact: 
Michael Lampton - (404)331-0333

ATLANTA – The U.S. Small Business Administration reminds homeowners, renters, businesses and non-profit organizations located in Puerto Rico of the deadline to submit disaster loan applications for damage caused by the Caribbean Petroleum Corporation Explosion that occurred on October 28, 2009. The deadline to file an application for physical damage is January 19, 2010.

Homeowners, renters, non-profit organizations and businesses of all sizes in the following municipalities are eligible to apply for physical disaster assistance: Cataño, Bayamón, Guaynabo, San Juan and Toa Baja in Puerto Rico.

The SBA offers loans up to $200,000 to repair or replace disaster damaged primary residences. Homeowners and renters are eligible for loans up to $40,000 to repair or replace personal property such as furniture, appliances and clothing. Loans to businesses of all sizes and non-profit organizations are available up to $2 million to repair or replace damaged or destroyed real estate, machinery, inventory and equipment.

SBA Economic Injury Disaster Loans (EIDLs) are available to small businesses, and most private non-profit organizations of all sizes to help meet working capital needs caused by the disaster. EIDL assistance is available regardless of whether the business suffered any property damage.

Interest rates are as low as 2.562 percent for homeowners and renters, 4 percent for businesses and 3 percent for non-profit organizations with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant’s financial condition.

Additionally, disaster victims with insurance should not wait for an insurance settlement before applying to the SBA. If victims do 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 the borrower agrees to use insurance proceeds to reduce or repay their SBA loan.

The SBA also offers mitigation funds to disaster victims based on 20 percent of the verified physical damage. These funds are designed to help borrowers pay for protective measures which may prevent damages of the same kind in the future.

To obtain information or a loan application, call the SBA’s Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the hearing-impaired) Monday through Friday from 8 a.m. until 6 p.m. EST or send an e-mail to disastercustomerservice@sba.gov. Business loan applications can also be downloaded from the SBA Web site at www.sba.gov/services/disasterassistance. Completed applications should be 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 January 19, 2010. The deadline to return economic injury applications is August 20, 2010.

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For more information about the SBA’s Disaster Loan Programs, visit our Web site at www.sba.gov/services/disasterassistance. 

AttachmentsSize
December 30, 2009 Rel. 10-164 PR 11932 SBA Physical Applications Deadline Reminder.pdf35.22 KB
Related State: 
Puerto Rico