SBA Extends Application Deadline to March 2317 February 2006
The U.S. Small Business Administration (SBA) announced today that the deadline to file low-interest disaster loan applications for physical damage as a result of recent flooding has been extended from February 21 until March 23, 2006.
"Extending the deadline will allow those who have not yet completed their application to have additional time to apply for assistance," said Frank Skaggs, Director of SBA Field Operations Center - East. "SBA encourages everyone who receives an SBA application to complete and return it as soon as possible."
Homeowners, renters and businesses that sustained damage throughout the State of Connecticut; the contiguous counties of Berkshire, Hampden and Worcester in the Commonwealth of Massachusetts and the contiguous Dutchess County in New York are also eligible to apply. Contiguous counties are eligible because they are adjacent to one or more primary counties in the State of Connecticut. SBA recognizes that disasters do not usually stop at the county or state lines. For that reason, counties adjacent to primary counties named in the declaration are included.
Disaster victims with insurance should not wait for their insurance settlement before applying to the SBA. If they do not know how much of their loss will be covered by insurance or other sources, the SBA will consider making a loan for the full amount of the loss, up to our loan limits, providing the borrower agrees insurance proceeds will be used to reduce the amount of the SBA loan. By this method, the disaster victim's final loan balance will represent only uninsured or otherwise uncompensated losses.
Interest rates can be as low as 2.687 percent for homeowners and renters and 4.000 percent for businesses with loan terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant's financial condition.
Applications and program information remain available by calling the SBA's Customer Service Center at 1-800-659-2955 or 1-800-877-8339 for the hearing impaired. Business loan applications can also be downloaded from the SBA website at http://www.sba.gov/disaster. Completed applications should be mailed to: U.S. Small Business Administration, National Processing and Disbursement Center, 14925 Kingsport Road, Ft. Worth, TX. 76155.
The deadline to return applications for physical damage is March 23, 2006; the deadline to return economic injury applications is September 21, 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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