SBA Approves $500+ Million Disaster Loans in USVI

U.S. Small Business Administration

The U.S. Small Business Administration (US-SBA) has now approved over $500 million in low-interest disaster loans for Virgin Islands’ businesses and residents affected by hurricanes Irma and Maria, according to a press release issued by US-SBA on Wednesday.

“Currently, 7,283 disaster loans have been approved in the amount of $500,373,500 for affected survivors.  SBA representatives remain in the territory to assist survivors with their recovery from last year’s hurricanes.  SBA disaster loans are an affordable way for businesses and residents to rebuild and resume their normal lives as quickly as possible,” said Richard Morgan, acting director of SBA’s Field Operations Center East in Atlanta.

SBA representatives can provide information about disaster loans, answer questions, and help survivors complete their SBA applications.  These are the locations and hours of operation for the centers:

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SBA Disaster Loan Outreach Centers (DLOCs): Hours:  Monday through Friday, 8 a.m. to 5 p.m.; Saturday, 9 a.m. to 2 p.m.; Closed Sundays.

St. Croix: Viya Building, 7G and 7H Estate Diamond, Pepper Tree Road, Christiansted, St. Croix, V.I. 00820

St. Croix: Rotary Club West, 40 KA-KD Estate La Grange Frederiksted, St Croix, V.I. 00840

St. John: Legislature of the Virgin Islands, St. John Annex, 1D Estate, Cruz Bay, St. John V.I. 00830

St. Thomas: Tutu Park Mall, 4605 Tutu Park Mall Suite 233, Anna’s Retreat, St. Thomas, V.I. 00802

St. Thomas: Small Business Development Center, University of the Virgin Islands, 8000 Nisky Center, Suite 720, St. Thomas, V.I. 00802 (open Monday through Friday only) It will be closed on Thursday and Friday, April 26 and 27, for Carnival

SBA representatives remain in the U.S. Virgin Islands to assist survivors with their recovery from last year’s hurricanes.  SBA disaster loans are an affordable way for businesses and residents to rebuild and resume their normal lives as quickly as possible,” said Frank Skaggs, director of SBA’s Field Operations Center East in Atlanta.

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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.

Economic injury disaster loans are also available to provide disaster- related working capital to small businesses and most private nonprofit organizations.  These working capital loans may be used to pay fixed debts, payroll, accounts payable and other bills that could have been paid had the disaster not occurred.

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 [email protected].  Also, loan applications can be downloaded from www.sba.gov.  Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at www.DisasterLoan.sba.gov.

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.  For more information about SBA recovery assistance, visit www.sba.gov/disaster.

The filing deadlines to submit applications for economic injury applications is June 7 for Hurricane Irma and June 20 for Hurricane Maria.

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