U.S. Small Business Administration (SBA) to open Disaster Loan Outreach Center
May 10, 2018
The U.S. Small Business Administration (SBA) will be opening a Disaster Loan Outreach Center in Weymouth to assist businesses and individuals who were affected by the March 2, 2018 nor’easter with applying for a low-interest disaster loan. To be eligible to apply for these disaster loans, residents or businesses must be located within Norfolk, Plymouth, Bristol, Worcester, Middlesex, or Suffolk Counties.
The Disaster Loan Outreach Center will operate from May 8 - 16, 2018 in the Elroy Room of the McCullock Building. No appointment is necessary.
Location:
SBA Disaster Loan Center
The McCullock Building (McElroy Room)
182 Green Street
Weymouth, MA
Hours of Operation:
· Wednesday May 9: 11:00 a.m. – 6:00 p.m.
· Thursday, May 10: 9:00 a.m. – 6:00 p.m.
· Friday, May 11: 9:00 a.m. – 6:00 p.m.
· Saturday, May 12: 10:00 a.m. – 2:00 p.m.
· Sunday, May 13: CLOSED
· Monday, May 14: 9:00 a.m. – 6:00 p.m.
· Tuesday, May 15: 9:00 a.m. – 6:00 p.m.
· Wednesday May 16: 9:00 a.m. – 4:30 p.m.
SBA customer service representatives will be on hand to answer questions about SBA’s disaster loan program, explain the application process and help each individual complete their electronic loan application. Applications will subsequently be reviewed by SBA to determine if the applicant is qualified for the loan.
Interest rates can be as low as 3.580 percent for businesses, 2.5 percent for private nonprofit organizations and 1.813 percent for homeowners and renters with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant’s financial condition.
Businesses:
· Qualified businesses of all sizes may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets.
· SBA can also lend additional funds to qualified businesses to help with the cost of improvements to protect, prevent or minimize the same type of disaster damage from occurring in the future.
· For qualified small businesses, small agricultural cooperatives, and small businesses engaged in aquaculture, SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic injury assistance is available regardless of whether the business suffered any property damage.
Private Nonprofit Organizations:
· Qualified private nonprofit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets.
· SBA also offers Economic Injury Disaster Loans for qualified private nonprofit organizations to help meet working capital needs caused by the disaster. Economic injury assistance is available regardless of whether the business suffered any property damage.
Homeowners:
· Disaster loans up to $200,000 are available to qualified homeowners to repair or replace damaged or destroyed real estate.
· SBA can also lend additional funds to qualified homeowners to help with the cost of improvements to protect, prevent or minimize the same type of disaster damage from occurring in the future.
· Qualified homeowners may be eligible for up to $40,000 to repair or replace damaged or destroyed personal property.
Renters:
· Qualified renters are eligible for up to $40,000 to repair or replace damaged or destroyed personal property.
Application Deadlines:
· Physical Property Damage Loans: July 3, 2018
· Economic Injury Loans: February 4, 2019
SBA Applicants may also apply online, receive additional disaster assistance information and download applications athttps://disasterloan.sba.gov/ela. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or emaildisastercustomerservice@sba.gov (link sends e-mail) for more information on SBA disaster assistance. Individuals who are deaf or hard of hearing may call (800) 877-8339. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.