From the Wires
SBA Opens Business Recovery Center in Norwalk, CT on Nov. 12
By: PR Newswire
Nov. 9, 2012 05:30 PM
ATLANTA, Nov. 9, 2012 /PRNewswire-USNewswire/ -- The U.S. Small Business Administration announced today the opening of a Business Recovery Center in Norwalk, Connecticut. This Center will open on Nov. 12 to provide one-on-one help to business owners seeking disaster assistance for losses caused by Hurricane Sandy.
"Businesses with physical damages or loss of revenue should seriously consider visiting the Center and applying for an SBA disaster business loan," said Bernard Sweeney, SBA's Connecticut district director. SBA's customer service representatives are on hand at the Center to answer questions about the disaster loan program and assist business owners in completing their applications.
The SBA Business Recovery Center (BRC) is open at the location below until further notice:
Businesses and non-profit organizations of any size 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 may increase a loan up to 20 percent of the total amount of disaster damage to real estate and/or leasehold improvements, as verified by SBA, to make improvements that lessen the risk of property damage by future disasters of the same kind.
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private non-profit organizations, the SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic Injury Disaster Loan assistance is available regardless of whether the business suffered any physical property damage.
Interest rates are as low as 3 percent for non-profit organizations and 4 percent for businesses with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant's financial condition.
Applicants may apply online using the Electronic Loan Application (ELA) via SBA's secure website at https://disasterloan.sba.gov/ela.
The filing deadline to return applications for physical property damage is December 31, 2012. The deadline to return economic injury applications is July 31, 2013.
For more information about the SBA's Disaster Loan Program, visit our website at www.sba.gov
Contact: Michael Lampton
SOURCE U.S. Small Business Administration
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