More than $5 million in U.S. Small Business Administration Disaster Assistance Loans have been approved for over 177 residents and business owners in New Hampshire who were affected by the Presidential declared disaster for severe storms and flooding occurring from May 12 through May 23, 2006.

"As a major partner in the disaster recovery process, we are pleased to be able to get these loans approved so the residents of New Hampshire can start rebuilding and return their lives to some sense of normalcy," said Frank Skaggs, Director of SBA Field Operations Center East. "SBA is the primary source of long-term recovery assistance for restoring and rebuilding homes, personal property, non-farm businesses of all sizes and private nonprofit organizations that sustained losses."

Anyone with disaster related damages should register first with FEMA by calling 1-800-621-FEMA, then complete and return the SBA loan application. "SBA is here to help you with your recovery efforts and we have staff in five locations covering Belknap-Merrimack, Hillsborough, Rockingham and Strafford counties to personally assist affected individuals," Skaggs continued, "but you must complete and return the loan applications to get the help you need."

Interest rates can be as low as 2.937 percent for homeowners and renters and 4.000 percent for businesses. Loan terms can be up to 30 years. Actual loan amounts and terms are set by the SBA, and are based on each applicant's financial condition.

SBA also offers mitigation funds to disaster victims that have approved physical loans. SBA mitigation funds are designed to help borrowers fund protective measures to prevent damages of the same kind from recurring in the future. To help fund these protective measures, borrowers may request an additional 20 percent of their approved loan amount.

Additionally, disaster victims with insurance should not wait for a settlement before applying to SBA. If a victim 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.

Anyone unable to visit the Disaster Loan Assistance Centers may obtain an application by calling the SBA Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the hearing-impaired); Monday through Saturday from 8:00 a.m. until 9:00 p.m., EDT. Business loan applications can also be downloaded from the SBA website at http://www.sba.gov/disaster. Completed applications should be returned to one of the Disaster Loan Assistance Centers or mailed to: the U.S. Small Business Administration, National Processing and Disbursement Center, 14925 Kingsport Road, Ft. Worth, TX 76155.

The deadline for returning applications for physical damage is July 24, 2006; the deadline to return economic injury applications is February 26, 2007.

For more information about the SBA's Disaster Loan Programs, visit our website at http://www.sba.gov/disaster

Source: prnewswire