SBA closes local Superstorm Sandy loan center, but applications still accepted
Published 7:25 am, Monday, December 28, 2015
The temporary center opened in Fairfield by the Small Business Administration to process loan applications to cover losses caused by Superstorm Sandy has closed.
The center had been located in the town’s Bigelow Center for Senior Activities.
However, the loan application period remains open for businesses and individuals who suffered losses in the October 2012 storm. The deadline to return applications has been extended by the SBA until Dec. 1, 2016.
Businesses and nonprofit 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 nonprofits 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.
Applications can be filed online using an electronic loan application via the SBA’s website at: https://disasterloan.sba.gov/ela. Or completed applications can be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155. (Loan applications can also be downloaded at www.sba.gov/disaster).