SBA To Open Loan Application Centers For State Flood Victims

HARTFORD (AP) — The US Small Business Administration will open temporary disaster outreach centers on Wednesday to assist residents and business owners who sustained losses from October’s flooding in applying for low-interest loans.

Centers will be open at the Enfield Senior Center and the Pitkin Community Center in Wethersfield every Monday through Friday, 10 am to 7 pm, until further notice. The Wethersfield site will also be open on Saturday, January 7, from 10 am to 3 pm.

“I strongly encourage all homeowners, renters or businesses who may be interested in a low-interest loan to apply as soon as possible and not wait for insurance settlements or contractor estimates,” Gov M. Jodi Rell said in a written statement.

The SBA offers loans of up to $40,000 for renters and homeowners to repair or replace disaster-damaged personal property such as furniture and clothing. Homeowners are eligible for loans up to $200,000 to repair disaster-damaged primary residences.

Businesses of all sizes and nonprofit organizations are eligible for up to $1.5 million in loans to repair damage to real estate, machinery, equipment and inventory. The SBA sets the loan amounts and terms based on applicants’ financial conditions.

The deadline for physical damage applications is February 21. The deadline for economic injury applications is September 21.