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SBA Approves Over $1 Million Disaster Loans; Customer Service Reps Available to Assist Survivors

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The U.S. Small Business Administration (US-SBA) has approved over $1 million in low-interest disaster loans for businesses and residents of the Virgin Islands affected by Hurricane Irma.

“Currently, 14 disaster loans have been approved in the amount of $1,328,000 for affected survivors. The SBA encourages anyone who has not applied to act right away. Our mission is to help businesses and residents rebuild and resume their normal lives as quickly as possible,” said Frank Skaggs, director of SBA’s Field Operations Center East in Atlanta.

SBA Customer Service Representatives are at FEMA’s Disaster Recovery Center to issue loan applications, answer questions and help individuals complete their applications. The center is near the following community and is open from 9 a.m. to 6 p.m. daily until further notice:

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Saint Croix, Old Post Office, Church and Company Streets, Christiansted, Saint Croix, VI 00820

SBA disaster loans are available to businesses of all sizes, most private nonprofit organizations, homeowners and renters to cover uninsured losses from the disaster. Interest rates are as low as 3.305 percent for businesses, 2.5 percent for private nonprofit organizations, and 1.75 percent for homeowners and renters. Loan terms can be up to 30 years.

To be considered for all forms of disaster assistance, applicants should register online at www.DisasterAssistance.gov or download the FEMA mobile app. If online or mobile access is unavailable, applicants should call the FEMA toll-free helpline at 800-621-3362. Those who use 711-Relay or Video Relay Services should call 800-621-3362.

Additional information on the disaster loan program may be obtained by calling 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 disastercustomerservice@sba.gov.

Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at https://disasterloan.sba.gov/ela. Loan applications can be downloaded from www.sba.gov/disaster. Completed applications should 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 submit applications for physical property damage is Nov. 6 for Hurricane Irma and Nov. 20 for Hurricane Maria. The deadline for economic injury applications is June 7, 2018, for Hurricane Irma and June 20, 2018, for Hurricane Maria.

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