ATLANTA, Jan. 18, 2013 /PRNewswire-USNewswire/ -- The U.S. Small Business Administration has approved nearly $25 million in Disaster Assistance Loans for residents and businesses in Connecticut affected by Hurricane Sandy.
"Currently 405 disaster loans have been approved in the amount of $24,983,600 for affected survivors," said Frank Skaggs, director of SBA's Field Operations Center East in Atlanta. "We are pleased to get these loans approved so residents can start to rebuild and resume their normal lives. However, there are many who have yet to apply. Some survivors are hesitant to take on additional debt or are waiting on insurance, but waiting to file an SBA application could cause unnecessary delays in receiving disaster assistance," added Skaggs.
"Returning the loan application is an essential part of the disaster recovery process. A completed SBA disaster loan package enables survivors to make informed decisions about what recovery options best suit their needs," said Bernard Sweeney, SBA's Connecticut district director.
Furthermore, if a survivor does not know how much of their loss will be covered by insurance or other sources, SBA will consider making a loan for the total loss up to its loan limits, provided the borrower agrees to use insurance proceeds to reduce or repay their SBA loan.
Applicants may apply online using the Electronic Loan Application (ELA) via SBA's secure website at https://disasterloan.sba.gov/ela or visit one of the local recovery centers for one-on-one assistance.
For more information, contact the SBA Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by visiting www.sba.gov.
The filing deadline to return applications for physical property damage is January 28, 2013. The deadline to return economic injury applications is July 31, 2013.
For more information about the SBA's Disaster Loan Programs, visit our website at www.sba.gov.
Contact: Michael Lampton
Release Number: 13-217, CT 13369/13370
SOURCE U.S. Small Business Administration