Valley Chamber offers loan info from SBA

As with past storms, the Greater Valley Chamber of Commerce office is fortunate to have power.

For those of you without power, you are welcome to come and use our space for everything from recharging or Wi-Fi to using our conference room for staff meetings or just to warm up. 

  

For those businesses who have suffered from this storm, we want to share this information from the CT SBA:  

The disaster declaration covers the counties of Fairfield, Middlesex, New Haven, New London, and the Mashantucket Pequot Tribal Nation and Mohegan Tribal Nation located within New London in Connecticut, which are eligible for both Physical and Economic Injury Disaster Loans from the SBA. 

Small businesses and most private non-profit organizations in the following adjacent counties are eligible to apply only for SBA Economic Injury Disaster Loans: Hartford, Litchfield, Tolland, and Windham in Connecticut; Dutchess, Putnam, and Westchester in New York; Kent and Washington in Rhode Island.
 

Disaster loans up to $200,000 are available to homeowners to repair or replace disaster damaged or destroyed real estate. Homeowners and renters are eligible up to $40,000 to repair or replace disaster damaged or destroyed personal property.
 

Businesses and private non-profit organizations of any size may borrow up to $2 million to repair or replace disaster 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 of all sizes, 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 1.688 percent for homeowners and renters, 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 via SBA's secure website,  https://disasterloan.sba.gov/ela.
 

To be considered for all forms of disaster assistance, applicants should register at www.DisasterAssistance.gov or by mobile device at m.fema.gov . If online or mobile access is unavailable, applicants should call the FEMA toll-free Helpline, 800-621-3362.

Those who use 711-Relay or Video Relay Services should call 800-621-3362. 

Additional details on the locations of Disaster Recovery Centers and the loan application process can be obtained by calling the SBA Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an e-mail to disastercustomerservice@sba.gov.

The filing deadline to return applications for physical property damage is Dec. 31, 2012. The deadline to return economic injury applications is July 31, 2013.

As we get additional information to help area businesses affected by Hurricane Sandy we will share both via email and our Social Media Channels  including our Chamber Facebook business page. 

The above information was provided by Bill Purcell, President, Greater Valley Chamber of Commerce.