SBA disaster loans available for damages caused by Hurricane Irene

Hurricane Irene had a significant impact on our state, damaging buildings and forcing many Delaware small business owners to worry about how they would finance repairs. Fortunately, after a request from Governor Markell on October 18, the U.S. Small Business Administration (SBA) is now making low-interest disaster loans available to Delaware small businesses, small agriculture cooperatives, small aquaculture businesses, and most private non-profit organizations.

An application must be completed in order for small businesses and non-profit organizations to receive Economic Injury Disaster Loans from SBA. These loans will help meet working capital needs caused by the disaster with the rates on these loans at 3 percent for non-profit organizations and 4 percent for businesses with terms up to 30 years.  Please note, the SBA determines eligibility for the loans based on the size and type of business and its financial resources. Eligible entities may qualify for loans up to $2 million. The deadline to return economic injury applications is July 20, 2012. 

For more information on the SBA Disaster Loan Program and Applications Delawareans are welcome to call the SBA’s Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by send an e-mail to disastercustomerservice@sba.gov. Furthermore, loan applications can be downloaded at www.sba.gov.

Please be sure to return completed applications to the Center or mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.