U.S. Small Business Administration (SBA) encourages businesses of all sizes and private, nonprofit organizations affected by the severe storms and flooding from August 26 through September 6 to apply for disaster loans. Home business and vacation rental owners need to be aware they are also eligible for disaster loans from the SBA.
The disaster declaration for New Hampshire covers the counties of Carroll and Grafton, which are eligible for both physical damage and economic injury disaster loans from the SBA. In addition small businesses and some private nonprofit organizations in the following adjacent counties are eligible to apply for SBA Economic Injury Disaster Loans (EIDL): Belknap, Coos, Merrimack, Strafford and Sullivan.
Interest rates are as low as 3 percent for nonprofit 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.
SBA disaster loans are for uninsured losses. Business owners should not wait for insurance settlements before applying for SBA disaster loans. 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 loan.
Types of Business Loans:
·Businesses and private nonprofit organizations of any size may borrow up to $2 million to repair or replace disaster damaged or destroyed real estate, machinery and equipment, inventory and other business assets. The SBA may increase a loan up to 20 percent of the total amount of disaster damage to real estate and/or leasehold improvements, as verified by SBA, to make improvements that lessen the risk of property damage by future disasters of the same kind.
·For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private non-profit organizations of all sizes, the SBA offers EIDL to help meet working capital needs caused by the disaster. EIDL assistance is available regardless of whether the business suffered any physical property damage.
Your first step is to call the Federal Emergency Management Agency (FEMA) at 1-800-621-FEMA (3362). If you use TTY, call 1-800-462-7585. If you use 711-Relay or Video Relay Service (VRS), call 1-800-621-3362 or online at www.disasterassistance.gov
The filing deadline to return applications for physical property damage is November 7, 2011.
The deadline to return economic injury applications is June 7, 2012.
****ADDED NOTE: Disaster Recovery Centers have been established in the following locations to assist business owners:
Conway
Mount Washington Technology Village
53 Technology Lane
Opening Monday, September 12th at 12:00 p.m.
Then: Monday-Friday 8:30 a.m. – 8:00 p.m. and Saturday 8:30 a.m. – 4:00 p.m.
Campton
Campton Baptist Church
1345 Route 175
Opening Monday September 12th at 1200 p.m. – 8:00 p.m.
Then: Tuesday 9/13 and Wednesday 9/14 8:30 a.m. – 8:00 p.m.
Woodstock
Woodstock Town Office
165 Lost River Road
Opening Thursday 9/15 from 12:00 p.m. – 8:00 p.m.
Then: Friday 9/16 from 8:30 a.m. – 8:00 p.m. and Saturday 9/17 from 8:30 a.m. – 4:00 p.m.
Plymouth
Plymouth Town Office
6 Post Office Square
Opening Monday, September 19th from 1200 p.m. – 8:00 p.m.
Then: Tuesday 9/20 and Wednesday 9/21 from 8:30 a.m. – 8:00 p.m.
Canaan
Canaan Fire Station
62 Route 118
Opening Thursday 9/22 from 12:00 p.m. – 8:00 p.m.
Then: Friday 9/23 from 8:30 a.m. – 8:00 p.m. and Saturday 9/24 from 8:30 a.m. – 4:00 p.m.
Lebanon
Lebanon Airport Terminal
5 Airpark Road
Opening Monday September 26th from 1200 p.m. – 8:00 p.m.
Then: Tuesday 9/27 and Wednesday 9/28 from 8:30 a.m. – 8:00 p.m.