SBA Approves Over $700 Million In Disaster Loans; Still Time To Apply

720px-US-SmallBusinessAdmin-Logo.svgATLANTA, Ga.  – As of the close of business on April 14, the U.S. Small Business Administration has approved over 11,000 disaster loans to homeowners, renters and businesses for a total in excess of $718 million.

“Many people have been able to finalize their plans to rebuild and begin the recovery process because of the financial aid provided from SBA’s low-interest disaster loans,” said SBA’s New Jersey District Director Al Titone. “I have talked to business owners that have told me that without the SBA disaster loan they would have laid off their employees or closed their doors.”

SBA’s disaster business loans not only provide funds for repairing and replacing business assets such as inventory, machinery, equipment, leasehold improvements and structural damage but can include funds for elevation and other protective improvements. Economic injury funds are also available to eligible applicants to provide working capital to use for monthly debts and operating expenses the business could have paid if the disaster had not occurred.

SBA’s disaster home loans are also available to individuals to replace their personal belongings and repair their homes. Yet there are still people that are reluctant to apply because they don’t want to take the time to submit the application, or they can’t decide if they want to repair or relocate.

“With two weeks remaining until the May 1 deadline, the time to apply is now” said Titone. “There is no obligation to take the loan if it is offered. Another benefit of our disaster loan program is that if you are approved for the loan there are no closing costs or fees to apply. SBA will provide you with documents that will tell you how the money is authorized to be spent. Disbursements are normally made like a construction loan; you get some money, use it on the project, show receipts and request another draw.”

Additional details on the locations of recovery centers and the loan application process can be obtained by calling the SBA Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and hard-of-hearing) or by sending an email to Loan applications can be downloaded from Completed applications can 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 May 1, 2013. The deadline to return economic injury applications is July 31, 2013.

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