Puerto Ricans with Damage Need to Submit Their SBA Disaster Loan Applications Before Oct. 26
ATLANTA – The U.S. Small Business Administration reminds homeowners, renters, businesses and non-profit organizations located in Puerto Rico to submit their disaster loan applications for physical damage caused by Hurricane Irene that occurred on Aug. 21-24, 2011 by the Oct. 26 deadline.
Survivors are encouraged to register with the Federal Emergency Management Agency at 800-621-FEMA (3362), TTY 800-462-7585 and return completed applications to SBA before the deadline. Homeowners and renters unable to obtain a low-interest disaster loan may be referred to FEMA for grant consideration. SBA’s customer service representatives will be on hand at the Disaster Recovery Centers located throughout the disaster area to provide one-on-one- assistance in completing their applications.
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 Puerto Rico Municipalities: Aguas Buenas, Arroyo, Caguas, Canóvanas, Carolina, Cayey, Cidra, Coamo, Comerio, Fajardo, Gurabo, Humacao, Jayuya, Juncos, Las Piedras, Loiza, Luquillo, Naguabo, Naranjito, Orocovis, Patillas, Ponce, Rio Grande, San Lorenzo, San Juan, Trujillo Alto, Vega Baja, Vieques and Villalba which are eligible for both Physical and Economic Injury Disaster Loans from the SBA.
Small businesses and most private non-profit organizations in the following adjacent municipalities are eligible to apply only for SBA Economic Injury Disaster Loans: Adjuntas, Aibonito, Barranquitas, Bayamon, Catańo, Ceiba, Ciales, Corozal, Guayama, Guaynabo, Juana Diaz, Manati, Maunabo, Morovis, Penuelas, Salinas, Santa Isabel, Toa Alta, Utuado, Vega Alta and Yabucoa.
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 the deaf and hard-of-hearing) Monday through Friday from 8 a.m. to 8 p.m., and Saturday and Sunday from 9 a.m. to 5:30 p.m. ET or send an email 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 October 26, 2011. The deadline to return economic injury applications is May 28, 2012.
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For more information about the SBA’s Disaster Loan Program, visit our website at www.sba.gov.