NEW YORK, Feb. 17, 2014 /PRNewswire/ -- Case Funding Inc., a forerunner in the world of BP claims financing, has expanded its lending program for businesses harmed by the BP Deepwater Horizon (DWH) Oil Spill. Case's lending program allows eligible businesses to receive compensation before their BP claim is fully processed and paid.
"We have re-launched our BP Deepwater Horizon Settlement Funding Program now that claims payouts have virtually ceased and there are thousands of businesses that are still waiting for their checks," said Richard Silverstein President and CEO of Case Funding. "We're pleased to be able offer funding for business owners during this critical period of recovery," he adds.
Business owners filing Business Economic Loss claims, including start-up and failed businesses, with the Deepwater Horizon Settlement claims administrator in the following industries will be considered for funding under the new program: Tourism, Retail, Lodging, Restaurants, as well as Fishing, Boating and other related companies.
Case Funding will also consider Vessel of Opportunity (VOO), Real Property Sales Loss, Wetland Real Property Damage, Coastal Real Property Damage and Seafood Compensation claims for funding under the program.
Case Funding will accept applications from business in need of a loan from $50,000 to $2.5 million in size and who are located in Alabama, Florida, Louisiana, Mississippi and Texas.
BP claims financing provides an alternative source of funding in situations where a business has a strong legal claim and where that business is in need of interim financial resources. Case Funding Inc., founded in 2002, has been advancing funds to personal injury victims for over ten years and has been lending to law firms for over seven.
According to the terms of the BP-PSC Settlement Agreement, individuals and businesses will have until April 22, 2014 to submit their claims to BP for compensation.
The claims administrator, Patrick Juneau, has received more than 250,000 BEL claims through mid-January, 2014. Nearly 21 percent of all oil-spill settlement claims submitted to the administrator are approved, and awards average $70,000. Financial experts estimate that BP is facing settlement payouts of more than $15 billion in total.
Business owners in need of an advance can learn more about Case Funding's BP DWH Settlement Funding program at www.casefunding.com/bp-oil-claims-funding-program/ or read our update at: http://www.casefunding.com/bp-loses-bid-to-cancel-oil-spill-settlement-agreement/
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SOURCE Case Funding Inc.