SBA Loans to Virgin Islanders Top $108 Million

The U.S. Small Business Administration has approved more than $108 million in low-interest disaster loans for businesses and residents of the U.S. Virgin Islands affected by Hurricanes Irma and Maria, the SBA announced recently.

“Currently, 1,450 disaster loans have been approved in the amount of $108,570,500 for affected survivors. The SBA encourages anyone who has not applied to take action right away. Our mission is to help businesses and residents rebuild and resume their normal lives as quickly as possible,” Frank Skaggs, director of SBA’s Field Operations Center East in Atlanta, said in a news release issued Friday.

SBA disaster loans are available to businesses of all sizes, most private nonprofit organizations, homeowners and renters to cover uninsured losses from the disaster. Interest rates are as low as 3.305 percent for businesses, 2.5 percent for private nonprofit organizations, and 1.75 percent for homeowners and renters. Loan terms can be up to 30 years.

Economic injury disaster loans are also available to provide disaster related working capital to small businesses and most private nonprofit organizations. These working capital loans can be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred.

To be considered for all forms of disaster assistance, applicants can register online at www.DisasterAssistance.gov or download the FEMA mobile app. If online or mobile access is unavailable, applicants can call the FEMA toll-free helpline at 800-621-3362. Those who use 711-Relay or Video Relay Services can call 800-621-3362.

Additional information on the disaster loan program can be obtained by calling SBA’s Customer Service Center at 800-659-2955, or 800-877-8339 for the deaf and hard-of-hearing, or by sending an email to [email protected] Applicants can apply online using the Electronic Loan Application via SBA’s secure website at https://disasterloan.sba.gov/ela.

Loan applications can be downloaded from www.sba.gov/disaster. Completed applications should be returned to a recovery center or mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

The filing deadline to submit applications for physical property damage is Dec. 18 for Hurricanes Irma and Maria. The deadline for economic injury applications is June 7 for Hurricane Irma and June 20 for Hurricane Maria.

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