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SBA Loan Applications Also For Renters, Homeowners

PURVIS, Miss. – Survivors of last month’s tornadoes, storms and flooding should know U.S. Small Business Administration disaster loan applications are not just for businesses; they are also for renters and homeowners. Most disaster loans go to individuals and families and represent a major source of federal funding for disaster home repair and reconstruction.

By submitting an SBA loan application, survivors may have access to the full range of disaster assistance. Interest rates may be as low as 1.688 percent with terms up to 30 years. If SBA does not approve someone – or approves a small loan that doesn’t cover all of recovery needs – a survivor may be referred to other grant programs to replace essential household items, replace, repair or store vehicles, or pay for other serious disaster-related needs.

SBA loans can be of vital assistance to renters; many of whom may not carry insurance. The SBA can help renters replace their essential items. Renters, as well as homeowners, may borrow up to $40,000 to repair or replace clothing, furniture, cars or appliances damaged or destroyed in the disaster.

The SBA can approve a loan for the repair or replacement of a home up to $200,000. Survivors may apply insurance settlements to their disaster loan. The opportunity an SBA disaster loan provides may be lost if disaster survivors wait past the application deadline.

A disaster loan also can help when a renter’s or homeowner’s insurance settlement falls short of covering assessed damages. An SBA low-interest loan can cover most uninsured costs. Survivors do not need to settle with their insurance company before applying for the SBA loan. By submitting the loan application, loan money may be available to renters and homeowners when it is needed most.

Of the more than 1,310 low-interest SBA disaster loan applications sent to Mississippi storm survivors, fewer than 130 have been completed and returned. FEMA registrants are urged to complete and return their applications as soon as possible.

The deadline for Mississippi storm survivors to apply for both FEMA assistance and an SBA loan is April 15, 2013. Loans do not have to be accepted but the applications may open doors to additional assistance.

It takes less than 30 minutes to fill out an application. A simple, fast, and very available way to complete the application is online, using the SBA’s electronic loan application. Go to https://DisasterLoan.SBA.gov/ELA. SBA specialists are also available to assist with applications at Disaster Recovery Centers. For more information about the SBA disaster assistance program or your application, call 800-659-2955, or TTY 800-877-8339.

FEMA’s mission is to support our citizens and first responders to ensure that as a nation we work together to build, sustain, and improve our capability to prepare for, protect against, respond to, recover from, and mitigate all hazards.

Disaster recovery assistance is available without regard to race, color, religion, nationality, sex, age, disability, English proficiency or economic status. If you or someone you know has been discriminated against, call FEMA toll-free at 800-621-FEMA (3362). For TTY call 800-462-7585.

FEMA’s temporary housing assistance and grants for public transportation expenses, medical and dental expenses, and funeral and burial expenses do not require individuals to apply for an SBA loan. However, applicants who receive SBA loan applications must submit them to SBA loan officers to be eligible for assistance that covers personal property, vehicle repair or replacement, and moving and storage expenses.

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SBA Loan Applications Also For Renters, Homeowners

Flurry of weekend activity pushes SBA’s Sandy disaster loans past $1 billion

NEW YORK – In a single day, 185 disaster loans closed recently for Hurricane Sandy survivors in New York by the U.S. Small Business Administration.

The SBA surpassed the $1 billion mark in loans to businesses of all sizes, homeowners and renters. The 185 loans that closed on Saturday, Feb. 16, ranged from less than $1,000 to $240,000 in Kings, Nassau, New York, Queens, Richmond, Rockland and Suffolk counties.

Of the $1 billion, $966 million are loans to repair and rebuild homes. Business loans make up nearly $68 million. SBA’s economic injury loans total more than $7 million.

Economic injury loans are available to offset lost business and other losses caused by Hurricane Sandy for eligible businesses as well as private nonprofits, even if property was not damaged.

Deferred Disaster Loan Payments

The first payment for a disaster loan is due five months from the date of the SBA Note.

The deadline to apply for an SBA disaster loan is Feb. 27, 2013 for physical damage and July 31, 2013 for Economic Injury Disaster Loans.

A simple and fast way to complete the application is online, using the SBA’s electronic loan application. Go to https://DisasterLoan.SBA.gov/ELA. Plus, you can receive an update on the status of your application by calling 800-659-2955 (TTY 800-877-8339 for the deaf and hard-of-hearing).

SBA customer service representatives are available to issue or accept low-interest disaster loan applications and answer questions at all New York State/FEMA disaster recovery centers and

SBA business recovery centers and Disaster Loan Outreach Centers. To locate the nearest business recovery center, visit www.sba.gov or call 800-659-2955 (TTY 800-877-8339).

To find the nearest disaster recovery center, check out the disaster recovery center locator at www.FEMA.gov/disaster-recovery-centers or, with a tablet or smartphone, go to m.fema.gov.

You may also text “DRC” and your Zip Code to 43362 (4FEMA). For example, if you lived in Staten Island, you would text: “DRC 10301.” Or call 800-621-3362 (TTY 800-462-7585).

More information is available by calling the SBA Disaster Customer Service Center toll-free number, 800-659-2955 (TTY 800-877-8339). Assistance is also available by sending an email to DisasterCustomerService@sba.gov or by visiting www.sba.gov.

For more information on New York’s disaster recovery, visit www.fema.gov/SandyNY, www.twitter.com/FEMASandy, www.facebook.com/FEMASandy and www.fema.gov/blog.

Recovery assistance is available without regard to race, color, religion, nationality, sex, age, disability, English proficiency or economic status. If you or someone you know has been discriminated against, call FEMA toll-free at 800-621-FEMA (3362). For TTY call 800-462-7585.

Original source –

Flurry of weekend activity pushes SBA’s Sandy disaster loans past $1 billion

Federal Aid Programs for State of Mississippi Disaster Recovery

Following is a summary of key federal disaster aid programs that can be made available as needed and warranted under President Obama’s major disaster declaration issued for Mississippi.

Assistance for Affected Individuals and Families Can Include as Required:

Rental payments for temporary housing for those whose homes are unlivable. Initial assistance may be provided for up to three months for homeowners and at least one month for renters. Assistance may be extended if requested after the initial period based on a review of individual applicant requirements. (Source: FEMA funded and administered.)
Grants for home repairs and replacement of essential household items not covered by insurance to make damaged dwellings safe, sanitary and functional. (Source: FEMA funded and administered.)
Grants to replace personal property and help meet medical, dental, funeral, transportation and other serious disaster-related needs not covered by insurance or other federal, state and charitable aid programs. (Source: FEMA funded at 75 percent of total eligible costs; 25 percent funded by the state.)
Unemployment payments up to 26 weeks for workers who temporarily lost jobs because of the disaster and who do not qualify for state benefits, such as self-employed individuals. (Source: FEMA funded; state administered.)
Low-interest loans to cover residential losses not fully compensated by insurance. Loans available up to $200,000 for primary residence; $40,000 for personal property, including renter losses. Loans available up to $2 million for business property losses not fully compensated by insurance. (Source: U.S. Small Business Administration.)
Loans up to $2 million for small businesses, small agricultural cooperatives and most private, non-profit organizations of all sizes that have suffered disaster-related cash flow problems and need funds for working capital to recover from the disaster’s adverse economic impact. This loan in combination with a property loss loan cannot exceed a total of $2 million. (Source: U.S. Small Business Administration.)
Loans up to $500,000 for farmers, ranchers and aquaculture operators to cover production and property losses, excluding primary residence. (Source: Farm Service Agency, U.S. Dept. of Agriculture.)
Other relief programs: Crisis counseling for those traumatized by the disaster; income tax assistance for filing casualty losses; advisory assistance for legal, veterans benefits and social security matters.

Assistance for the State, Tribal and Affected Local Governments Can Include as Required:

Payment of not less than 75 percent of the eligible costs for removing debris from public areas and for emergency measures, including direct federal assistance, taken to save lives and protect property and public health. (Source: FEMA funded, state administered.)
Payment of not less than 75 percent of the eligible costs for repairing or replacing damaged public facilities, such as roads, bridges, utilities, buildings, schools, recreational areas and similar publicly owned property, as well as certain private non-profit organizations engaged in community service activities. (Source: FEMA funded, state administered.)

Payment of not more than 75 percent of the approved costs for hazard mitigation projects undertaken by commonwealth and local governments to prevent or reduce long-term risk to life and property from natural or technological disasters. (Source: FEMA funded, state administered.)

How to Apply for Assistance:

Those in the counties designated for assistance to affected residents and business owners can begin the disaster application process by registering online at www.DisasterAssistance.gov, by web enabled mobile device at m.fema.gov or by calling 1-800-621-FEMA (3362). Disaster assistance applicants, who have a speech disability or hearing loss and use TTY, should call 1-800-462-7585 directly; for those who use 711 or Video Relay Service (VRS), call 1-800-621-3362. The toll-free telephone numbers are available from 7 a.m. to 10 p.m. (local time) Monday through Sunday until further notice. Applicants registering for aid should be prepared to provide basic information about themselves (name, permanent address, phone number), insurance coverage and any other information to help substantiate losses.

Application procedures for local and state governments will be explained at a series of federal/state applicant briefings with locations to be announced in the affected area by recovery officials. Approved mitigation projects are paid through the state from funding provided by FEMA and other participating federal agencies.

Follow FEMA online at www.fema.gov/blog, www.twitter.com/fema, www.facebook.com/fema, and www.youtube.com/fema. Also, follow Administrator Craig Fugate’s activities at www.twitter.com/craigatfema.

The social media links provided are for reference only. FEMA does not endorse any non-government websites, companies or applications.

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Federal Aid Programs for State of Mississippi Disaster Recovery

An SBA disaster loan can be smart business

NEW YORK – Survivors may not know about disaster help from the U.S. Small Business Administration that could lead to a smarter, faster recovery for businesses, homeowners or private nonprofits. There’s a loan for lost business caused by Hurricane Sandy. There’s also a loan available to a homeowner association to have a common area fixed, and there’s good news about when the first payment on any disaster loan is due.

Economic Injury Disaster Loan

SBA offers a working capital loan to relieve the economic injury caused by the disaster.

A disaster loan is available to eligible businesses as well as private nonprofits even if property was not damaged by Hurricane Sandy.

These loans are for small businesses, agricultural cooperatives and certain private, nonprofit organizations to cover unpaid bills and lost business due to the disaster. Economic injury loans are also given in amounts up to $2 million, but the total of both physical damage and economic injury loans cannot exceed $2 million.

There are 17 New York counties eligible for Economic Injury Disaster Loans. The first 13 counties are those designated by the presidential disaster declaration for FEMA Individual Assistance. Those counties are Bronx, Kings, Nassau, New York, Orange, Putnam, Queens, Richmond, Rockland, Suffolk, Sullivan, Ulster and Westchester.

Four other counties are eligible because each shares a border with one of the 13 disaster-designated counties. These additional counties eligible for an Economic Injury Disaster Loan are Columbia, Delaware, Duchess and Greene counties.

Common Area Disaster Loans for Associations

SBA loans up to $2 million are also available to Homeowner Associations, Planned Unit Developments and similar common-interest developments. Individuals may not borrow money to repair common areas that are the responsibility of the association.

Deferred Disaster Loan Payments

The first payment for a disaster loan is due five months from the date of the SBA Note.

The deadline to apply for an SBA disaster loan is Feb. 27, 2013 for physical damage and July 31, 2013 for Economic Injury Disaster loans.

A simple and fast way to complete the application is online, using the SBA’s electronic loan application. Go to https://DisasterLoan.SBA.gov/ELA. Plus, you can receive an update on the status of your application by calling 800-659-2955 (TTY 800-877-8339 for the deaf and hard-of-hearing).

SBA customer service representatives are available to issue or accept low-interest disaster loan applications and answer questions at all New York State/FEMA disaster recovery centers and

SBA business recovery centers and Disaster Loan Outreach Centers. To locate the nearest business recovery center, visit www.sba.gov or call 800-659-2955 (TTY 800-877-8339).

To find the nearest disaster recovery center, check out the disaster recovery center locator at www.FEMA.gov/disaster-recovery-centers or, with a tablet or smartphone, go to m.fema.gov. You may also text “DRC” and your Zip Code to 43362 (4FEMA). For example, if you lived in Staten Island, you would text: “DRC 10301.” Or call 800-621-3362 (TTY 800-462-7585).

For more information on New York’s disaster recovery, visit www.fema.gov/SandyNY, www.twitter.com/FEMASandy, www.facebook.com/FEMASandy and www.fema.gov/blog.

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An SBA disaster loan can be smart business

There Are Plenty of Reasons to Apply for an SBA Disaster Loan

NEW YORK – The very reasons Hurricane Sandy survivors in New York find for not applying for a low-interest disaster loan from the U.S. Small Business Administration are the very reasons they should apply – on or before the Jan. 28 deadline.

“Oh I’m not eligible and I don’t own a business.”

Most SBA disaster loans go to individuals and families, and interest rates may be as low as 1.688 percent with terms up to 30 years. Loans to homeowners help pay for repair or replacement of their disaster-damaged primary residence. The loans also help homeowners and renters pay to replace disaster-damaged personal property.

“I don’t want a loan or can’t qualify for one.”

Filing the loan application does not obligate people to accept the loan, but individual and family applicants must still complete the SBA loan application before they can be considered for certain other FEMA grants and programs that could include assistance for disaster-related medical and dental expenses, disaster-related car repairs, clothing and household items. Completing the SBA application assures that the federal disaster recovery process continues and that you’re keeping your options open.

“It’s just too much trouble to fill out an application.”

It takes less than 30 minutes to fill out an application. Applicants can also receive one-on-one assistance at any Disaster Recovery Center or SBA Business Recovery Center. A simple, fast, and very available way to complete the application is online, using the SBA’s electronic loan application. Go to https://DisasterLoan.SBA.gov/ELA. Plus, you can receive an update on the status of your application by calling 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing).

“But I’m a renter not a homeowner.”

Renters who need to repair or replace essential items lost in Hurricane Sandy can get help from the SBA. Renters may qualify for long-term, low-interest SBA loans to repair or replace personal property items, such as clothing, furniture, cars, or appliances damaged or destroyed in the disaster.

“I’m going to wait for my insurance settlement.”

Survivors should not wait to settle with their insurance companies before applying for SBA disaster loan assistance. If a survivor does not know how much of their loss will be covered by insurance or other sources, 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.

“I own the property but it’s not my primary residence.”

If your property is used as a normal part of your business, such as rental property, you may be eligible to apply as a business owner. We suggest you submit your application and let SBA make that determination.

“Why bother with SBA when I also need to raise or elevate my home.”

If your disaster loan application is approved, you may be eligible for additional funds to cover the cost of improvements that will protect your property against future damage. Examples of improvements include elevating your house, retaining walls, seawalls, sump pumps, etc.

“Our neighbors were turned down for an SBA loan and they make more than we do.”

Don’t make the mistake of eliminating yourself. Everyone’s situation is unique to them and SBA will work with you if you feel you may have a problem qualifying for the loan. Remember, if a homeowner or renter cannot qualify for the SBA loan, they will be referred back to FEMA for additional grant consideration.

SBA customer service representatives are available to issue or accept low-interest disaster loan applications and answer questions at all New York State/FEMA disaster recovery centers and

SBA business recovery centers. To locate the nearest business recovery center, visit www.sba.gov or call 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing).

To find the nearest disaster recovery center, check out the disaster recovery center locator at www.FEMA.gov/disaster-recovery-centers or, with a tablet or smartphone, go to m.fema.gov. You may also text “DRC” and your Zip Code to 43362 (4FEMA). For example, if you lived in Staten Island, you would text: “DRC 10301.” Or call 800-621-3362 (TTY 800-462-7585).

Applicants may also apply online using the Electronic Loan Application via SBA’s secure website at https://DisasterLoan.SBA.gov/ELA. More information is available by calling the SBA Disaster Customer Service Center toll-free number, 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing). Assistance is also available by sending an email to DisasterCustomerService@sba.gov or by visiting www.sba.gov.

For more information on New York’s disaster recovery, visit www.fema.gov/SandyNY, www.twitter.com/FEMASandy, www.facebook.com/FEMASandy and www.fema.gov/blog.

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There Are Plenty of Reasons to Apply for an SBA Disaster Loan

Help For Businesses Facing Economic Losses Caused By Hurricane Sandy

TRENTON, N.J. — For businesses struggling with losses from evacuations, power outages, damaged inventory and general economic loss caused by Hurricane Sandy, a variety of federal and state resources can help.

Small Business Administration

Economic Injury Disaster Loans from the U.S. Small Business Administration provide working capital to help small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations. The loans help meet ordinary and necessary financial obligations that cannot be met as a direct result of the disaster.

These loans are intended to assist the business or nonprofit through the disaster recovery period. The money may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid if the disaster had not occurred. The loans are not intended to replace profits.

The loan amounts and terms are determined by the SBA.
The law authorizes a maximum term of 30 years.
Interest rates for loans for small businesses can be as low as 4 percent.
Interest rates for loans for eligible nonprofit organizations can be as low as 3 percent.
Businesses of all sizes are also eligible to apply for loans to cover their physical losses. The deadline for this type of loan is Dec. 31, 2012.

For additional information, call 800-659-2955 or TTY 800-877-8339, email DisasterCustomerService@SBA.gov or visit SBA.gov. Applicants may also apply online using the Electronic Loan Application via SBA’s secure website at DisasterLoan.SBA.gov/ELA.

Farm Services Agency

The Farm Services Agency offers a number of loans and grants to help producers recover from production and physical losses due to drought, flood, other natural disasters or quarantine. The FSA maintains 10 programs covering crop losses, livestock losses and damaged farm property. See disaster.fsa.usda.gov for more information.

Disaster Unemployment Insurance

The State of New Jersey requested and was granted federal unemployment insurance funds for Hurricane Sandy survivors. Self-employed entrepreneurs may qualify for disaster-related unemployment benefits. Survivors must first file a regular unemployment insurance claim with the state at njuifile.net. When and if that claim is denied, a claim may be filed for disaster-related unemployment benefits which have a different funding source. Read these FAQs for details.

N.J. Economic Development Authority

The N.J. Economic Development Authority can provide disaster survivors with access to capital, including tax-exempt and taxable bond financing, loans, loan guarantees, and business and tax incentives. For more information, visit www.njeda.com.

N.J. Business Action Center (One-Stop Shop)

This “One-Stop Shop” serves as an information clearinghouse for Hurricane Sandy business recovery assistance. The storm call center number is 866-534-7789. Visit www.state.nj.us/njbusiness/ for further information.

Follow FEMA online at www.fema.gov/blog, www.twitter.com/fema, www.facebook.com/fema, and www.youtube.com/fema. Also, follow Administrator Craig Fugate’s activities at www.twitter.com/craigatfema.

The social media links provided are for reference only. FEMA does not endorse any non-government websites, companies or applications.

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Help For Businesses Facing Economic Losses Caused By Hurricane Sandy

Don’t Wait for Insurance Settlement to Apply for an SBA Loan

NEW YORK – Survivors should not wait to settle with their insurance companies before applying for Small Business Administration disaster loan assistance. FEMA and the SBA encourage survivors of Hurricane Sandy in eligible New York counties to return their completed applications, even if they have not settled with their insurance company.

If a survivor does not know how much of their loss will be covered by insurance or other sources, 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.

“Your insurance policy may not cover all the replacement, repair and rebuilding costs – and the disaster loan is available to cover the difference. You don’t have to wait for an insurance settlement, though. If the insurance money covers damage that you’ve borrowed for, the overlap can be used to pay down the loan,” said Frank Skaggs, Director of SBA Field Operations Center East.

Disaster home and business loans are available to repair or replace disaster-damaged property, including contents. Economic Injury Disaster Loans are available for small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private non-profit organizations of all sizes having difficulties meeting operating expenses because of the disaster.

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.

“Our partnership with SBA is very important because they are a key step in recovery process,” said New York Federal Coordinating Officer Michael F. Byrne. “Survivors should make it a priority to return their application to SBA because even if they do not qualify for a loan, they may be eligible for other assistance.”

SBA customer service representatives are available to issue or accept low-interest disaster loan applications and answer questions at all New York State/FEMA disaster recovery centers and 19 SBA business recovery centers. To find the nearest disaster recovery center, check out the disaster recovery center locator at www.FEMA.gov/disaster-recovery-centers or, with a tablet or smartphone, go to m.fema.gov. You may also text “DRC” and your Zip Code to 43362 (4FEMA). For example, if you lived in Staten Island, you would text: “DRC 10301.” If you use a TTY, call 800-462-7585 directly; if you use 711 or Video Relay Service (VRS), call 800-621-3362. To locate the nearest business recovery center, visit www.sba.gov or call 800-659-2955 (TTY 800-877-8339.)

Applicants may also apply online using the Electronic Loan Application via SBA’s secure website at https://DisasterLoan.SBA.gov/ELA. More information is available by calling the SBA Disaster Customer Service Center toll-free number, 800-659-2955 (TTY 800-877-8339.) Assistance is also available by sending an email to DisasterCustomerService@sba.gov or by visiting www.sba.gov.

For more information on New York’s disaster recovery, visit www.fema.gov/SandyNY, http://twitter.com/FEMASandy, www.facebook.com/FEMASandy and www.fema.gov/blog.

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Don’t Wait for Insurance Settlement to Apply for an SBA Loan

December 31 Deadline For SBA Disaster Business Physical Loss Loans

TRENTON, N.J. — Time is running out for business owners with property damage due to Hurricane Sandy to apply for Business Disaster Loans from the U.S. Small Business Administration (SBA). The deadline to apply for loans covering physical losses is December 31, 2012.

Business Physical Disaster Loans are made to businesses to repair or replace disaster-damaged property owned by the business. This includes real estate, inventories, supplies, machinery and equipment. Businesses of any size are eligible, as are private non-profit organizations such as charities, churches, private universities, etc.

The SBA also administers the Economic Injury Disaster Loan (EIDL) program. Economic injury disaster loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid if the disaster had not occurred. The loans are not intended to replace lost sales or profits.

Federal law limits business loans to $2 million for the combined physical and economic injury, mitigation and refinancing.

Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at DisasterLoan.sba.gov/ela.

SBA customer service representatives are available at all Disaster Recovery Centers (DRCs) throughout the state and at the following ten Business Disaster Recovery Centers (BRCs):

Richard Stockton College, 35 S. Martin Luther King Blvd., Atlantic City, NJ 08401

Bergen Community College, 355 Main St., Room 121, Hackensack, NJ 07601
Cape May County Chamber of Commerce, 13 Crest Haven Rd. Cape May, NJ 08210
Rutgers University, 25 James Street, Newark, NJ 07102
N.J. City University, 285 West Side Avenue, Suites 189-191, Jersey City, NJ 07305
John F. Kennedy Library, 500 Hoes Lane, Piscataway, NJ 08854
Brookdale Community College, 765 Newman Springs Rd., Lincroft, NJ 07738
So. Ocean County Chamber of Commerce, West Bay Ave., Manahawkin, NJ 08050
William Paterson University, 131 Ellison St., Paterson, NJ 07505
Kean University, Business One-Stop-Service, The Incubator, 320 Park Ave. Plainfield, NJ 07060

These locations may change. Disaster Recovery Center locations can be found online at fema.gov/DRC.

Registration with FEMA is not mandatory to apply for an SBA Business Disaster Loan, but it is preferred. For additional information, contact SBA’s Disaster Assistance Customer Service Center by calling 800-659-2855 or TTY 800-877-8339, emailing disastercustomerservice@sba.gov or visiting sba.gov.

Follow FEMA online at www.fema.gov/blog, www.twitter.com/fema, www.facebook.com/fema, and www.youtube.com/fema. Also, follow Administrator Craig Fugate’s activities at www.twitter.com/craigatfema.

The social media links provided are for reference only. FEMA does not endorse any non-government websites, companies or applications.

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December 31 Deadline For SBA Disaster Business Physical Loss Loans

Over $42 Million In Disaster Loans Approved In New Jersey, SBA Urges Submission Of Applications Before December 31 Deadline

TRENTON, N.J. — The U.S. Small Business Administration has approved over $42.3 million in disaster assistance loans for 653 New Jersey residents and businesses affected by Hurricane Sandy. The deadline to apply for physical damage is December 31, 2012. Those affected by the disaster are encouraged to apply now and may apply for disaster loans electronically from SBA’s website at https://disasterloan.sba.gov/ela/.

Applicants do not have to wait for insurance to be settled before applying. No one is obligated to take a loan if it is offered, but if you don’t accept a loan, you may not be eligible for FEMA’s Other Needs Assistance. However, it is important for businesses and residents to maximize their recovery resources and take time to submit their SBA disaster applications before the December 31 deadline.

SBA offers the following types of low-interest, long-term loans to cover uninsured losses:

Home Disaster Loans: to homeowners to repair disaster-damaged real estate and replace damaged contents. Renters are also eligible for their contents loss.

Business Physical Disaster Loans: to businesses to repair disaster-damaged property and repair/replace damaged business contents including inventory, machinery and equipment. Businesses of any size are eligible. Private, non-profit organizations such as charities, churches, etc., are also eligible.

Economic Injury Disaster Loans (EIDLs): to help small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private, non-profit organizations of all sizes meet their ordinary financial obligations that cannot be met as a direct result of the disaster.

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.

The filing deadline to return applications for physical damage is December 31, 2012. The deadline to return economic injury applications is July 31, 2013.

SBA customer service representatives are available at all Disaster Recovery Centers (DRCs) throughout the state and at the ten Business Recovery Centers (BRCs) in Atlantic City, Hackensack, Cape May, Newark, Jersey City, Piscataway, Lincroft, Manahawkin, Paterson and Plainfield.

SBA’s partners including counselors with the New Jersey Small Business Development Center (NJSBDC), SCORE, SBA Women’s Business Center and SBA’s Veteran’s Business Outreach Center are available to help business owners prepare needed financial information at no charge.

Details on the locations of Centers and the loan application process can be obtained by calling the SBA Customer Service Center at 800-659-2955, TTY 800-877-8339 or by sending an email to disastercustomerservice@sba.gov.

Loan applications can be downloaded from 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.

EDITOR’S NOTE: Businesses of any size can learn about disaster business loans available from the Small Business Administration in this two minute video: SBA Disaster Business Loans.

Follow FEMA online at www.fema.gov/blog, www.twitter.com/fema, www.facebook.com/fema, and www.youtube.com/fema. Also, follow Administrator Craig Fugate’s activities at www.twitter.com/craigatfema.

The social media links provided are for reference only. FEMA does not endorse any non-government websites, companies or applications.

For more information about the SBA’s Disaster Loan Program, visit our website at www.sba.gov.

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Over $42 Million In Disaster Loans Approved In New Jersey, SBA Urges Submission Of Applications Before December 31 Deadline

Low-Interest Disaster Loans Fuel Connecticut Recovery

WINDSOR, Conn. – Hurricane Sandy survivors are putting low-interest disaster loans to good use.

The loans from the U.S. Small Business Administration are being used to:

• Make home repairs not covered by insurance;
• Replace clothing, appliances and vehicles;
• Make improvements to reduce the risk of future damage; and
• Refinance existing liens or mortgages on homes.

SBA loans are the major source of federal disaster recovery funding and may be available for other uses as well. For example, renters may be eligible for loans to cover some of their personal property losses, including vehicles. There are also loans for businesses and nonprofit organizations as well.

Applications from the SBA are mailed to most survivors who register for assistance with the Federal Emergency Management Agency. Returning the loan application is an important step in the recovery process because it may qualify the applicant for more FEMA grants. No one is obligated to accept a loan, if offered.

“Even the maximum amount FEMA is allowed to award won’t replace a home destroyed in a hurricane,” said Federal Coordinating Officer Albert Lewis. “Most disaster recovery is funded by low-interest loans from the SBA.”

SBA can lend homeowners up to $200,000 to repair or replace their home and up to $40,000 to repair or replace personal property.

Disaster loans have distinct advantages:
• Home loans are as low as 1.688 percent
• There are no points or application fees
• Loans are available before insurance settlements are made
• SBA can write loans based on the cost of replacing the home today

The deadline to file for an SBA Home Disaster Loan is Dec. 31.

SBA offers online application through its Electronic Loan Application site at https://DisasterLoan.SBA.gov/ela. Survivors can call the SBA’s Disaster Assistance Customer Service Center at 800-659-2955, or visit the SBA’s website at www.sba.gov/sandy.

The U.S. Small Business Administration (SBA) is the federal government’s primary source of money for the long-term rebuilding of disaster-damaged private property. SBA helps homeowners, renters, businesses of all sizes, and private, nonprofit organizations fund repairs or rebuilding efforts and covers the cost of replacing lost or disaster-damaged personal property. These disaster loans cover losses not fully compensated by insurance or other recoveries and do not duplicate benefits of other agencies or organizations.

Original post:

Low-Interest Disaster Loans Fuel Connecticut Recovery

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