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Home News Local government SBA to Close Two Business Recovery Centers; Economic Injury Disaster Loans Available
March 18, 2018

SBA to Close Two Business Recovery Centers; Economic Injury Disaster Loans Available

U.S. Small Business Administration

The United States Small Business Administration (SBA) will close the Business Recovery Centers (BRCs) on St. Croix and St. Thomas due to a steady decrease in activity. They will cease operations at 5 p.m., Thursday, March 8.

St. Croix: Small Business Development Center, 4100 Sion Farm Shopping Center, Suite 16, Christiansted organization

St. Thomas: Small Business Development Center, University of the Virgin Islands, 8000 Nisky Center, Suite 720, St. Thomas

Small businesses, agricultural cooperatives, small businesses involved in aquaculture and most private nonprofit organizations located in the V.I. that have suffered financial losses because of hurricanes Maria and Irma can still apply for an Economic Injury Disaster Loan from the US SBA.

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The SBA loans are designed to help meet working capital needs caused by the hurricanes. They may be used to pay fixed debts, payroll, and other bills that could have been paid had the disasters not happened. The loans are not intended to replace lost sales or profits.

The loan amount can be up to $2 million with interest rates of 3.305 percent for small businesses and 2.5 percent for private nonprofit organizations – with terms up to 30 years. The SBA determines eligibility based on the size of the applicant’ business, type of activity and its financial resources. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.

Free assistance with reconstructing financial records, preparing financial statements and submitting the loan application is available from any of SBA’s partners: VI Small Business Development Centers (VI SBDC) and SCORE.

Additional information on the disaster loan program may be obtained by calling SBA’s Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard of hearing) or by sending an email to disastercustomerservice@sba.gov.  Applicants may apply online by using the Electronic Loan Application (EOLA) via SBA’s secure website: disasterloan.sba.gov.

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

For more information about SBA recovery assistance visit www.sba.gov/disaster.

The deadline to return an Economic Injury Application for Hurricane Irma is June 7, 2018. The deadline for Hurricane Maria is June 20, 2018.

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