SBA Recovery Center in Cataño, Puerto Rico Closes December 5

ATLANTA--(BUSINESS WIRE)--The U.S. Small Business Administration announces today that the Disaster Loan Outreach Center in Cantaño, Puerto Rico will cease operations Saturday, December 5, at the close of business.

The Small Business Administration urges those affected by the explosion at the Caribbean Petroleum Corporation that occurred on October 28 in Cataño, to visit the Center before the closing to obtain one-on-one assistance and information about the disaster assistance program. The Center is located at:

Municipality of Cataño
Coliseo Cosme Beitia Salamo
Calle Andrade #1 / Esquina Olivo
Cataño, PR 00963
Hours:	Monday – Friday 8:00 a.m. to 5:00 p.m.
	Saturday, December 5, 8:00 a.m. to 12 Noon
Closing:	Saturday, December 5, 2009 at close of business

The SBA offers loans up to $200,000 to repair disaster damaged primary residences. Homeowners and renters are eligible for loans up to $40,000 to replace personal property such as furniture, appliances and clothing. Loans to businesses of all sizes and non-profit organizations are available up to $2 million to repair damage to real estate, machinery, inventory and equipment.

The SBA also offers mitigation funds to disaster victims based on 20 percent of the verified physical damage. These funds are designed to help borrowers pay for measures taken to protect or minimize damages of the same kind in the future.

For small businesses, and most private non-profit organizations of all sizes, the SBA offers Economic Injury Disaster Loans to help meet working capital needs, such as ongoing operating expenses. Economic Injury Disaster Loan assistance is available regardless of whether the business suffered any physical property damage.

Interest rates are as low as 2.562 percent for homeowners and renters, 4 percent for businesses and 3 percent for non-profit organizations with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.

Victims should not wait to settle with their insurance companies before applying for disaster loan assistance. If a victim does not know how much of their loss will be covered by insurance or other sources, the SBA will consider making a loan for the total loss up to its loan limits, provided the borrower agrees to use insurance proceeds to reduce or repay their SBA loan.

Anyone unable to visit the Center may obtain an application by calling the SBA’s Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the hearing-impaired) Monday through Friday from 8 a.m. until 9 p.m. EST or by sending an e-mail to [e-mail]. Business loan applications can also be downloaded from the SBA Web site at www.sba.gov/services/disasterassistance. 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 deadline to return applications for physical damage is January 19, 2010; the deadline to return economic injury applications is August 20, 2010.

For more information about the SBA’s Disaster Loan Programs, visit our Web site at www.sba.gov/services/disasterassistance

Release Number: 10-109, PR 11932/11933