Deadline Approaching For Sandy Low-Interest Small Business Adminstration Loans

Businesses and residents hurt by Superstorm Sandy still have time to apply for low-interest disaster loans from the federal Small Business Administration.

The deadline to apply is Dec. 1, 2016.

The SBA reopened the application period for the funding opportunities on Dec. 2, 2015 for one more year so businesses and residents can apply to cover their uninsured losses and eligible mitigation projects, according to an SBA release.

“The additional time for businesses, homeowners and renters to apply for federal disaster loans from SBA have gone a long way in continuing to support the rebuilding efforts and restoration of the communities affected by Hurricane Sandy,” said SBA Administrator Maria Contreras-Sweet.

Businesses and residents in the previously declared Sandy disaster areas, including New Jersey, can still apply.

Businesses and private nonprofit organizations may borrow up to $2 million to repair or replace disaster damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.

Disaster loans up to $200,000 are available to homeowners to repair or replace disaster damaged or destroyed real estate. Homeowners and renters are eligible up to $40,000 to repair or replace disaster damaged or destroyed personal property.

“The Sandy RISE Act resulted in the approval of an additional 1,050 disaster loans amounting to
over $52 million. To date, the SBA has approved approximately 38,000 loans to businesses,
homeowners and renters for over $2.5 billion.”

Interest rates are as low as 1.688 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.

Survivors may apply online using the Electronic Loan Application (ELA) via SBA’s secure
website at https://disasterloan.sba.gov/ela.

Disaster loan information and application forms may also be obtained by calling the SBA’s
Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by
sending an e-mail to disastercustomerservice@sba.gov.

Loan applications can be downloaded from the SBA’s website at www.sba.gov/disaster.

Completed applications should be mailed to:
U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport
Road, Fort Worth, TX 76155.

Image: Patricia A. Miller