| December 9, 2015
SBA reopens filing period for loans for Sandy damageBusinesses
and residents in four northeastern North Carolina counties affected by
Superstorm Sandy on Oct. 27 - 30, 2012 have more time to request
low-interest disaster loans from the U.S. Small Business
Administration, SBA Administrator Maria Contreras-Sweet announced
The new deadline to submit applications for physical damage and economic injury losses is Dec. 1, 2016.
Contreras-Sweet reopened the filing period for SBA disaster loans
effective Dec. 2, following the recently approved Recovery Improvements
for Small Entities (RISE) After Disaster Act of 2015. This Act allows
those affected by Superstorm Sandy another opportunity to apply for
low-interest disaster loans to recover from the effects of the storm.
The declaration covers Currituck, Dare, Hyde and Tyrrell in northeastern North Carolina.
SBA’s customer service representatives will be available at the
Disaster Loan Outreach Center to answer questions about the disaster
loan program and help individuals complete their applications.
Dare County center is located in the Dare County Governmental Center
Administration Building, Room 142, 954 Marshall C. Collins Drive in
Manteo. It opened on Monday, Dec 7, and will be open weekdays
from 8:30 a.m. until 5 p.m. until further notice.
Businesses and private nonprofit organizations may borrow up to $2
million to repair or replace disaster damaged or destroyed real estate,
machinery and equipment, inventory, and other business assets.
For small businesses, small agricultural cooperatives, small businesses
engaged in aquaculture and most private nonprofit organizations, 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
“Loans up to $200,000 are available to homeowners to repair or replace
damaged or destroyed real estate. Homeowners and renters are eligible
for loans up to $40,000 to repair or replace damaged or destroyed
personal property,” said Frank Skaggs, director of SBA’s Field
Operations Center East in Atlanta.
Interest rates are as low as 4 percent for businesses, 3 percent for
nonprofit organizations, and 1.688 percent for homeowners and renters
with terms up to 30 years. Loan amount and terms are set by the SBA and
are based on each applicant’s financial condition.
Applicants may be eligible for a loan amount increase up to 20 percent
of their physical damages, as verified by the SBA for mitigation
purposes. Some improvements now include a safe room or storm shelter to
help protect property and occupants from future damage caused by a
Applicants may apply online using the Electronic Loan Application (ELA)
via SBA’s secure website at https://disasterloan.sba.gov/ela.
Businesses and individuals may also obtain information and loan
applications by calling the SBA’s Customer Service Center at
1-800-659-2955 (1-800-877-8339 for the deaf and hard-of-hearing), or by
emailing [email protected] Loan applications can also be
downloaded at www.sba.gov/disaster. Completed applications should be
returned to the 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 Dec. 1, 2016. The deadline to return economic injury applications is
also Dec. 1, 2016.