SBA Approves More Than $6 Million in Massachusetts;

        Agency Urges Return of Applications Before May 28 Deadline

ATLANTA- More than $6 million in U. S. Small Business Administration Disaster Assistance Loans have been approved for disaster survivors in Massachusetts.   "Currently, 311 disaster loans have been approved in the amount of $6,239,500," said Frank Skaggs, director of SBA Field Operations Center East.  "We are pleased to be able to get these loans approved so the residents and businesses of Massachusetts can start rebuilding and resuming their normal lives."

The SBA encourages survivors of the severe storms and flooding that began on March 12 to return their completed applications, even if they have not settled with their insurance company.  Waiting to file an SBA application could cause unnecessary delays in receiving disaster assistance.

Survivors are urged to register with FEMA by calling 800-621-FEMA (3362), TTY 800-462-7585 for  people with speech or hearing disabilities.  If you were issued an SBA loan application, complete and return the application to the SBA before the May 28 deadline even if you don't want a loan.  If the SBA is not able to approve a home loan, you may be referred to FEMA for possible grant assistance.  

Disaster loans up to $200,000 are available to homeowners to repair or replace  your damaged or destroyed primary residence.  Homeowners and renters are eligible up to $40,000 to repair or replace damaged or destroyed personal property.

Businesses and private non-profit 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, and most private non-profit organizations of all sizes, the SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster.  Economic Injury Disaster Loan assistance is available regardless of whether the business suffered any physical property damage.

Interest rates are as low as 2.625 percent for homeowners and renters, 3 percent for private non-profit 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.

Survivors may apply for disaster loans from SBA's secure website at https://disasterloan.sba.gov/ela/