December 27, 2012
SBA Extends
Deadline for Hurricane Sandy Disaster Loan Applications in
New Jersey
U.S. Small
Business Administration
Administrator Karen G. Mills has
approved an extension of the
deadline for Hurricane Sandy
survivors in New Jersey to return
their disaster home and business
loan applications for physical
damage to January 30, 2013.
Recently, the agency surpassed the
$100 million mark in disaster
loans approved to state residents
and business owners.
“The extension
will allow the homeowners, renters
and businesses additional time to
submit their SBA disaster loan
applications and obtain the funding
they need for disaster related
repairs and replacements” said NJ
District Director Al Titone.
“The key to rebuilding is to access
all of the available resources and
not to wait for insurance to be
settled. SBA’s disaster loan
program is unique and loan amounts,
terms and conditions can be adjusted
if insurance is received after the
loan is approved.”
For those
reluctant to file an SBA disaster
loan application, SBA’s Customer
Service Representatives are
available at every Disaster Recovery
Center and Business Recovery Center
to help with the process, answer
questions and can also refer
business clients to our Small
Business Development Centers, SCORE,
the Women’s Business Center or the
Veteran’s Business Center for
assistance in preparing the
financial statements needed.
Homeowners and renters unable to
obtain an SBA low-interest disaster
loan may be referred to FEMA for
grant consideration.
“SBA’s disaster
loan program has several unique
features: loan terms can be as long
as thirty years; the interest rates
can be as low as 1.688 percent for
homeowners and renters, 3 percent
for non-profit organizations and 4
percent for businesses; and requests
can be made for additional funds for
mitigation (protective improvements)
such as elevation or relocating
utilities to prevent future damage”
added Titone.
Applicants may
also apply online using the
Electronic Loan Application (ELA)
via SBA’s secure website at
https://disasterloan.sba.gov/ela.
Additional details
on the locations of recovery centers
and the loan application process can
be obtained by calling the SBA
Customer Service Center at
800-659-2955 (800-877-8339 for the
deaf and hard-of-hearing) or by
sending an email to
disastercustomerservice@sba.gov.
Loan applications can be downloaded
from
www.sba.gov.
Completed applications should be
returned to a recovery center or
mailed to: U.S. Small Business
Administration, Processing and
Disbursement Center, 14925 Kingsport
Road, Fort Worth, TX 76155.
The filing
deadline to return applications for
physical property damage is now
January 30, 2013.
The deadline to return economic
injury applications is July
31, 2013.
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