The U.S. Small Business Administration has approved more than $6 million in Disaster Assistance Loans for the natural disaster survivors in Massachusetts. Frank Skaggs, director of the SBA Field Operations Center East, reported 311 disaster loans have been approved totaling $6,239,500. The Administration has been urging those those who experienced the severe storms and flooding this past March to return completed applications as soon as they possibly can. Those who wait longer to file an SPA application may find themselves with unnecessary delays in receiving their disaster assistance.
Disaster loans are available to homeowners up to $200,000 to repair or replace a damaged primary residence. Homeowners and renters are also eligible for loans to repair or replacement of personal property of up to $40,000. Business and non-profits may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business property and assets .
The SBA encourages survivors of the severe storms and flooding that began on March 12 to return their completed applications, even if they have not settled with their insurance company. Waiting to file an SBA application could cause unnecessary delays in receiving disaster assistance. Those who have weathered the storms have also been encouraged to register with FEMA by phone at 800-621-FEMA (3362) or via TTY 800-462-7585 for those with speech or hearing disabilities. If the SBA is unable to approve a home loan you may be referred to FEMA for possible grant assistance.
For more information about the SBA’s Disaster Loan Programs, visit www.sba.gov/services/disasterassistance.