Wednesday, July 28, 2010

SBA offering low-interest loans for victims of the recent flood

The Small Business Administration announced today that residents and businesses affected by the severe storms of July 10th in Middlesex County may apply for low-interest loans. These loans are being made available in response to a letter from Massachusetts Acting Governor Timothy P. Murray on July 23rd requesting a disaster declaration by the SBA.

SBA’s customer service representatives will be available at the Disaster Loan Outreach Center at 81 Highland Avenue in the Atrium at the Eugene Brune Field House beginning on Friday, July 30th 2010 through Thursday, August 5th.
“The SBA is strongly committed to providing the people of Massachusetts with the most effective and customer-focused response possible to assist homeowners, renters, and businesses of all sizes with federal disaster loans,” said Administrator Mills. “Getting businesses and communities up and running after a disaster is our highest priority at SBA.”

“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,” said Frank Skaggs, director of SBA’s Field Operations Center East in Atlanta. SBA’s customer service representatives will be on hand at the Disaster Loan Outreach Center to answer questions about the disaster loan program, explain the process, issue and help individuals complete their applications.

The Center will be located in the following community and will open as indicated:

Middlesex CountySomerville High SchoolAtrium at the Field House81 Highland AvenueSomerville, MA 02143Opens: Friday, July 30 from 9 a.m. to 5:30 p.m.Open: Saturday, July 31 from 9 a.m. to 1 p.m.Close: Sunday, August 1Open: Monday, August 2 – Thursday, August 5 from 9 a.m. to 5:30 p.m.Closes: Thursday, August 5 at the close of business

“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 Robert Nelson, SBA’s Massachusetts 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, 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 2.750 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.

Individuals and businesses unable to visit the Center in person may obtain information on loan applications by calling the SBA’s Customer Service Center at 800-659-2955 (800-877-8339 for people with speech or hearing disabilities), Monday through Friday from 8 a.m. to 6 p.m. EDT or by sending an e-mail to Business loan applications can also be downloaded from the SBA website at 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.

Those affected by the disaster may apply for disaster loans from SBA’s secure website at

The filing deadline to return applications for physical property damage is September 27, 2010. The deadline to return economic injury applications is April 27, 2011.

For more information about the SBA’s Disaster Loan Programs, visit our website at

Release Number: 10-613, MA 12246/12247

U.S. Small Business AdministrationMichael Lampton, 404-331-0333

Source: U.S. Small Business Administration


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