Cape Gazette
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Sussex residents eligible for SBA loans for Sandy repairs

Physical damage loan applications due by March 4
Jan 09, 2013
Photo by: Steven Billups The U.S. Small Business Administration has announced that Sussex County and some Maryland  residents and businesses affected by Hurricane Sandy between Oct. 26 through Nov. 4 can apply for low interest disaster loans from the SBA. At a press conference Jan. 7 at the South Bethany Beach Town Hall SBA Delaware District Director Antonio Leta, who was joined by Sen. Thomas Carper, said “SBA disaster loans for property damage, and economic injury are available in primary and contiguous areas.” Leta went on to say “The loans are available for small businesses, homeowners, non-farm businesses and private nonprofit organizations.” The loans are for uninsured damages and not available for secondary homes that are not rentals.  The deadline for applying for a SBA Disaster Loans is March 4. The deadline for economic injury loan is Oct. 2.  Carper credited the Army Corps of Engineers' work over the years that helped to minimize the damages along the Delaware beaches. He also discussed how damages from Sandy north of Delaware are funded by federal grants and local damage repairs are funded by SBA loans. Shown addressing the gathered audience in the South Bethany Beach Town hall are Leta, left, and Carper.

The U.S. Small Business Administration has announced that because Sussex County is contiguous to Worcester County, Md., which was the primary Maryland county adversely affected by Hurricane Sandy, homeowners, businesses and nonprofit organization in Sussex County can apply for special SBA loans. Two counties in Maryland (Somerset and Wicomico) and one in Virginia (Accomack) also qualify because they are contiguous to Worcester County.

The loans for physical damage repairs or to compensate for economic injury have special low interest rates.  Categories and rates for physical damage include the following: homeowners with credit available elsewhere 3.375, homeowners without credit available elsewhere 1.688, businesses with credit available elsewhere 6.000, businesses without credit available elsewhere 4.000, nonprofit organizations with credit available elsewhere 3.125, and nonprofit organizations without credit available elsewhere 3.000.

Economic injury categories and rates include businesses & small agricultural cooperatives without credit available elsewhere 4.000 and nonprofit organizations without credit available elsewhere 3.000.

The deadline for physical damage loan applications is March 4. Economic injury loan applications must be submitted by Oct. 2. Applications can be filed by using the electronic loan application available at https://disasterloan.sba.gov/ela.

Loan forms and information can also be obtained by calling the SBA’s Customer Service Center at 800-659-2955 (800-877-8339 for hearing-impaired callers), or by sending an email to disastercustomerservice@sba.gov.

Applicants can also download an application from www.sba.gov. Completed applications submitted via mail should be sent to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

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