SBA Approves Over $6 Million in Disaster Loans for Victims in Massachusetts2 March 2006
More than $6 million in U.S. Small Business Administration Disaster Loans have been approved for 100 residents and business owners in Massachusetts who were affected by recent storms and flooding.
"Our efforts to provide rebuilding loans to the people of Massachusetts are beginning to pay off," said SBA Field Operations Center East Director Frank Skaggs. "The steps we have taken thus far to enhance our loan processing capabilities are allowing us to approve disaster loans much quicker and enable us to get the needed funds in the hands of those victims needing to repair not only their property but their lives as well."
In Massachusetts, the SBA has approved 100 disaster loans for $6,155,900.
The interest rates for these loans are as low as 2.687 percent for homeowners and renters and 4.000 percent for businesses with loan terms up to 30 years. Economic Injury Disaster Loans (EIDLs) are available to small businesses unable to pay bills or meet operating expenses because of the disaster with loan limits up to $1.5 million. Actual loan amounts and terms are set by the SBA, and are based on each applicant's financial condition.
Applications and program information are available by calling SBA's Customer Service Center at 800-659-2955 Monday through Saturday during the hours of 8:00 AM to 9:00 PM EST. Business loan applications may also be downloaded from the SBA Website at http://www.sba.gov/disaster.
The deadline for returning applications for economic injury is August 10, 2006. The deadline for physical damage has passed (January 9, 2006).
For more information about the SBA's Disaster Loan Programs, visit our website at http://www.sba.gov/disaster.
Source: prnewswire
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