ATLANTA – U.S. Small Business Administration Administrator Karen G. Mills has extended the deadline for Hurricane Sandy survivors in Newport and Washington counties in Rhode Island to return their disaster home and business loan applications for physical damage to Feb. 13, 2013.
“The extension will allow the homeowners, renters and businesses additional time to submit their SBA disaster loan applications and obtain the funding they need for disaster related repairs and replacements” said Rhode Island District Director, Mark Hayward. “The key to rebuilding is to access all of the available resources and not wait for insurance to be settled. SBA disaster loan amounts, terms and conditions can be adjusted if insurance is received after the loan is approved.”
SBA’s disaster loan program has several unique features: loan terms can be as long as thirty years; the interest rates can be as low as 1.688 percent for homeowners and renters, 3 percent for non-profit organizations and 4 percent for businesses; and requests can be made for additional funds for mitigation (protective improvements) such as elevation or relocating utilities to prevent future damage.
Homeowners and renters unable to obtain an SBA low-interest disaster loan may be referred to FEMA for grant consideration.
Applicants may also apply online using the Electronic Loan Application (ELA) via SBA’s secure website at https://disasterloan.sba.gov/ela.
Additional details on the locations of recovery centers and the loan application process can be obtained by calling the SBA Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an email to disastercustomerservice@sba.gov. Loan applications can be downloaded from www.sba.gov. Completed applications should be returned to a recovery 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 now February 13, 2013. The deadline to return economic injury applications is August 14, 2013.
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