ATLANTA, June 11 ME-Disaster-Loans-7-8
ATLANTA, June 11 /PRNewswire-USNewswire/ -- The U. S. Small Business Administration is reminding homeowners, renters, businesses and non-profit organizations that less than one month remains to submit disaster loan applications for damage caused by severe storms and flooding on April 28 through May 14, 2008. The deadline to file an application for physical damage is July 8, 2008.
Disaster victims in Aroostook and Penobscot counties in the State of Maine are eligible to apply.
Victims are urged to register with FEMA by calling 1-800-621-3362 (FEMA), then complete and return their SBA loan applications by the deadline. "I encourage anyone who has not completed their disaster loan application to do so and meet with the Customer Service Representatives at the Center located in the disaster area for assistance," said Frank Skaggs, Director of SBA Field Operations Center East. The final Disaster Recovery Center, located in Fort Kent will close June 14, but will continue operations as an SBA Disaster Loan Outreach Center, with both SBA and FEMA personnel on site to answer questions.
Homeowners and renters are eligible for loans up to $40,000 to replace personal property such as furniture, appliances and clothing. Loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Loans to businesses of all sizes and non-profit organizations are available up to $1.5 million to repair damage to real estate, machinery, equipment and inventory. Economic Injury Disaster Loans are also available to small businesses unable to pay bills or meet operating expenses because of the disaster.
Interest rates are as low as 2.687 percent for homeowners and renters and 4 percent for businesses with terms up to 30 years. Loan amounts and terms are set by the SBA and are based upon each applicant's financial condition.
Additionally, disaster victims with insurance should not wait for a settlement before applying to the SBA. If a victim 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 the borrower agrees to use insurance proceeds to reduce or repay their SBA loan.
Information on center locations and SBA program information is available by calling the SBA's Customer Service Center at 1-800-659-2955 (or 1-800-877-8339 for the hearing impaired) Monday through Friday from 8 a.m. to 8 p.m. EDT, or by emailing our customer service center at disastercustomerservice@sba.gov.
Business loan applications may be downloaded from www.sba.gov Applications may be returned to the Disaster Recovery Center or mailed to: U. S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, Texas, 76155.
The application deadline for physical damage is July 8, 2008; the deadline for economic injury applications is February 9, 2009.
For more information about the SBA's Disaster Loan Programs, visit www.sba.gov.
SOURCE U.S. Small Business Administration
