ADMINISTRATION ANNOUNCES SBA ASSISTANCE FOR MASSACHUSETTS RESIDENTS AND BUSINESSES IN BRISTOL, NORFOLK AND PLYMOUTH COUNTIES
Assistance Available to Those Most Impacted by September Flooding
BOSTON – Wednesday, October 24, 2012 – Governor Deval Patrick today announced that the Massachusetts residents and businesses of Bristol, Norfolk and Plymouth counties affected by severe storms and flooding on Wednesday, September 5, 2012 can apply for low-interest loans from the U.S. Small Business Administration (SBA). The loans have been made available in response to a letter from Governor Deval Patrick on October 17, 2012 requesting a disaster declaration by the SBA. The major damage was centered in the city of Fall River, although the declaration also covers all of the contiguous counties of Bristol, Norfolk and Plymouth counties in Massachusetts; Bristol, Newport and Providence in Rhode Island.
“I thank the U.S. Small Business Administration for the prompt approval of our request. This emergency declaration is a promising first step to deliver the resources that will help the Fall River community rebuild and recover," said Governor Patrick.
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. These SBA loans would provide an important source of financing for uninsured or under-insured residents.
The SBA’s Customer Service Representatives will be in Fall River at the SBA Disaster Loan Outreach Center from Thursday, October 25, 2012 through close of business on Thursday, November 1, 2012, to issue loan applications, answer questions about the loan program, explain the application process and help individuals complete their application.
A survey of the victims, conducted by the Massachusetts Emergency Management Agency (MEMA) estimated that the damage exceeds the SBA's criteria of at least 25 primary residences with uninsured losses of 40 percent or more of their estimated replacement value in a qualifying county.
The Disaster Loan Outreach Center will be located at:
City of Fall River
One Government Center – Atrium
Fall River, Massachusetts 02722
Opens: Thursday, Oct. 25, 2012 at 9:00 a.m.
Hours: Thursday, Oct. 25; Friday Oct. 26 and Monday, Oct. 29
9:00 a.m. to 5:00 p.m.
Open: Tuesday, Oct. 30 and Wednesday, Oct. 31
Hours: 12:00 p.m. to 9:00 p.m.
Open: Thursday, Nov. 1
Hours: 9:00 a.m. to 5:00 p.m.
Interest rates can be as low as 1.688 percent for homeowners and renters, 3 percent for non-profit organizations and 4 percent for businesses with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.
Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at https://disasterloan.sba.gov/ela.
Individuals and businesses unable to visit the Center 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 sending an email to firstname.lastname@example.org. Loan applications can also be downloaded from the SBA’s website at www.sba.gov. 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 December 21, 2012. The deadline to return economic injury applications is July 22, 2013.