SBA Approves More Than $1.3 Million in Disaster Loans in Massachusetts; Urges Return of Applications Before Deadline

ATLANTA--(BUSINESS WIRE)--The U.S. Small Business Administration has approved more than $1.3 million in Disaster Assistance Loans for residents and business owners in the Commonwealth of Massachusetts affected by the severe storms and tornadoes that occurred on June 1, 2011.

“Currently, 27 home and business disaster loans have been approved in the amount of $1,352,100.00 for affected survivors”

“Currently, 27 home and business disaster loans have been approved in the amount of $1,352,100.00 for affected survivors,” said Frank Skaggs, director of SBA’s Field Operations Center East in Atlanta. “We are pleased to be able to get these loans approved so residents and businesses in the disaster area can start to rebuild and resume their normal lives. With the August 15 deadline approaching, I encourage anyone who has not completed their disaster loan application to do so and return it as quickly as possible.”

The SBA offers low interest disaster loans to survivors for physical losses up to its loan limits. The agency can increase approved loans for protective measures to lessen similar future damages. Additionally, small businesses and most private non-profit organizations can obtain loans for unmet working capital needs. To be considered for assistance from the SBA, those affected by the disaster need to apply by the deadline.

The disaster declaration covers the Massachusetts counties of Hampden and Worcester, which are eligible for both Physical and Economic Injury Disaster Loans from the SBA. Small businesses and most private non-profit organizations in the following adjacent counties are eligible to apply only for SBA Economic Injury Disaster Loans: Berkshire, Franklin, Hampshire, Middlesex and Norfolk in Massachusetts; neighboring counties of Hartford, Litchfield, Tolland and Windham in Connecticut; Cheshire and Hillsborough in New Hampshire; and Providence in Rhode Island.

To be considered for all forms of disaster assistance, those affected by the disaster should register with Federal Emergency Management (FEMA) at 1-800-621-FEMA (3362) or 800-462-7585 (TTY) for the hearing and speech impaired or register online at www.disasterassistance.gov.

The deadline to return SBA applications for physical property damage is August 15, 2011. The deadline to return applications for economic injury is March 15, 2012.

More information about the disaster loans can be obtained by calling the SBA’s Customer Service Center at 800-659-2955 (800-877-8339 for people with speech or hearing disabilities) Monday through Friday from 8 a.m. to 6 p.m. ET or by sending an e-mail to [e-mail]. Loan applications can be downloaded from www.sba.gov. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

Those affected by the disaster may also apply for disaster loans electronically from SBA’s website at https://disasterloan.sba.gov/ela/.

For more information about the SBA’s Disaster Loan Program, visit our website at www.sba.gov.

Release Number: 11-539, MA 12637/12638