Time Running Out to Apply for SBA Loans
ATLANTIC CITY — If your home or business sustained damage by Superstorm Sandy, you may be eligible for a low-interest loan from the U.S. Small Business Administration (SBA). New Jersey homeowners, renters and business owners have until Friday, March 1, to complete and return SBA disaster loan applications.
Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure Web site at https://disasterloan.sba.gov/ela
Disaster loan information may be obtained by calling the SBA’s Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an email to firstname.lastname@example.org.
Loan applications can be downloaded from the SBA’s website at www.sba.gov <http://www.sba.gov> . Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
Completed loan applications for physical damages must be returned to SBA no later than March 1, 2013
“So far the SBA has approved over $300 million in disaster loans to over 4,300 homeowners, renters and business owners throughout New Jersey,” says SBA New Jersey district director Al Titone on the SBA Web site. “Clearly our work is not done, and I encourage anyone who has been affected by Hurricane Sandy to apply for assistance through the SBA and FEMA as soon as possible.”
Property owners usually have some insurance coverage, but often it does not cover all losses or even the type of hazard, which caused the damage. This leaves individuals and businesses with significant uninsured costs. SBA loans for homeowners and renters can be for as much as $200,000 with rates as low as 1.688 percent and repayment terms as long as 30 years.
In the aftermath of hurricanes, floods, earthquakes, wildfires, tornadoes and other disasters, the SBA is the primary source of money from the Federal government for long-term recovery assistance. For disaster damage to private property owned by individuals, families and businesses not fully covered by insurance, the basic form of the Federal assistance is low-interest, long-term disaster loans from the SBA.
Titone also encouraged those who need to meet with an SBA or FEMA representative to visit the many disaster and business recovery centers that have been set up throughout the state. A list of those centers can be found at FEMA.gov/disaster-recovery-centers.