Over $700 Million, SBA Wants To Do More

Jan 10, 2013, 13:28 ET from U.S. Small Business Administration

ATLANTA, Jan. 10, 2013 /PRNewswire-USNewswire/ -- The U.S. Small Business Administration has helped thousands of disaster survivors affected by Hurricane Sandy that devastated the east coast from North Carolina up to Rhode Island.  The SBA has approved over $720 million in low-interest, taxpayer-backed disaster loans to homeowners, renters and businesses. But the agency wants to help more people and businesses.

(Logo:  http://photos.prnewswire.com/prnh/20110909/DC65875LOGO)

"Many people are hesitant to apply for disaster loans because they are afraid of taking on more debt, but the funds to repair or replace disaster damaged property must come from somewhere.  An affordable low-interest rate loan from the SBA is a sensible way for survivors of the super storm to finance their recovery," said Frank Skaggs, director of SBA Field Operations Center East.

The application process for a SBA disaster loan is not hard. The application is straight forward and SBA representatives are eager to assist in completing it.  "It only takes about thirty minutes to complete an application and a completed SBA disaster loan package enables survivors to make informed decisions about what recovery options best suit their needs," added Skaggs.

"Time is passing quickly, we encourage everyone affected by Hurricane Sandy to apply for a SBA disaster loan now to help speed up the recovery process," added Skaggs.

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

For more information about the SBA's Disaster Loan Program, visit our website at www.sba.gov.

Contact: Michael Lampton
Phone: 404-331-0333
Release Number: 13-182, 13365/13366

SOURCE U.S. Small Business Administration