Fairfield center opens for SBA extended loan deadline on Superstorm Sandy damage
Published 4:49 pm, Tuesday, December 8, 2015
A local center has been opened by the Small Business Administration to process low-interest loan applications by businesses and individuals that suffered losses during Superstorm Sandy in 2012.
There is a newly extended deadline to apply for an SBA loan to help cover storm-caused physical damage or economic losses — Dec. 1, 2016.
That center, as well as those in seven other counties of the state, opened this week after the recent approval of the Recovery Improvements for Small Entities After Disaster Act of 2015. The act allows those affected by Superstorm Sandy another opportunity to apply for low-interest disaster loans, according to the SBA.
SBA customer service representatives will be at the center to answer questions about the loan program and help people complete applications.
Businesses and non-profit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets, the SBA said.
Homeowners can apply for loans of up $200,000 to repair or replace damaged or destroyed real estate, and loans of up to $40,000 are available to repair or replace damaged or destroyed personal property.
Interest rates are as low as 4 percent for businesses, 3 percent for non-profits and 1.688 percent for homeowners and renters with terms up to 30 years. Loan amount and terms are set by the SBA based on an applicant’s financial condition, the agency said.
The Fairfield SBA Disaster Loan Outreach Center is open weekdays from 9 a.m. to 5 p.m. Call the SBA customer service center at 1-800-659-2955.