WASHINGTON – U.S. Senator Chris Coons (D-Del.) today encouraged Delaware small businesses, small agricultural cooperatives, small aquaculture businesses and most private non-profit organizations in Kent and Sussex County that were negatively affected by rainfall and flooding from Hurricane Irene to take advantage of low-interest disaster loans from the U.S. Small Business Administration (SBA).
The loans, which were publically announced by the SBA on Thursday afternoon, were made available following a disaster declaration request to the SBA from Governor Jack Markell on October 18.
“Hurricane Irene had a significant impact on our state, damaging buildings and forcing many Delaware small business owners to worry about how they would finance repairs,” Senator Coons said. “I applaud the efforts of Governor Markell and others to procure disaster relief for folks negatively affected by the storm, and encourage Delaware small businesses owners who need help picking up the pieces to take advantage of the SBA low-interest loans.”
Eligible entities may qualify for Economic Injury Disaster Loans of up to $2 million to help meet working capital needs caused by the disaster. The rates on these loans are 3 percent for non-profit organizations and 4 percent for businesses, with terms up to 30 years. The SBA determines eligibility for the loans based on the size and type of business and its financial resources. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.
Applications and program information are available by calling the SBA’s Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) Monday through Friday from 8 a.m. to 8 p.m., and Saturday and Sunday from 9 a.m. to 5:30 p.m. ET or by sending an e-mail to disastercustomerservice@sba.gov. Loan applications can also be downloaded at www.sba.gov. Completed applications should be returned to the Customer Service Center or mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155. Those impacted may apply for disaster loans from SBA’s secure website at https://disasterloan.sba.gov/ela/.
The deadline to return economic injury applications is July 20, 2012.
“The Small Business Administration is strongly committed to providing the most effective and customer-focused response possible to help small businesses and non-profits in Delaware with their federal disaster loans,” SBA Administrator Karen Mills said. “Getting our businesses and communities up and running after a disaster is our highest priority at SBA.”
“The SBA can help affected small businesses and non-profit organizations overcome their economic losses by offering working capital loans, but the help cannot start until they submit an SBA Disaster Loan application to us,” Jayne Armstrong, SBA’s Delaware district director said.
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