ATLANTA, Sept. 29, 2011 /PRNewswire-USNewswire/ -- The U.S. Small Business Administration announced today that a second Disaster Loan Outreach Center will open at The Monastery, Cumberland Senior Center in Cumberland on Monday, October 3 at 9 am.
"Due to the amount of physical and economic losses caused by Hurricane Irene in Rhode Island, we want to make it more convenient for victims to get assistance by opening another SBA Disaster Loan Outreach Center. Survivors can meet individually with SBA representatives and find out how a low-interest disaster loan can help them recover," said Frank Skaggs, director of SBA's Field Operations Center East in Atlanta.
The Centers are located in the following communities and open as indicated:
U.S. Small Business Administration
Rhode Island District Office
380 Westminster Street, Suite 511
Providence, RI 02903
Tuesday, Sept. 27 - Friday, Sept. 30
8 a.m. to 5 p.m.
Closing: Friday, Sept. 30, at close of business
The Monastery Cumberland Senior Center
1464 Diamond Hill Road
Cumberland, RI 02864
Opens: Monday, Oct. 3 at 9 a.m.
Monday, Oct. 3 - Friday, Oct. 7
9 a.m. to 4 p.m.
Closing: Friday, Oct. 7, 2011 at close of business
Loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for loans up to $40,000 to repair or replace damaged or destroyed personal property.
Businesses and non-profit organizations of any size may borrow up to $2 million to repair or replace 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 (EIDLs) to help meet working capital needs caused by the disaster. EIDL assistance is available regardless of whether the business suffered any physical property damage.
Interest rates are as low as 2.5 percent for homeowners and renters, 3 percent for 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.
Individuals and businesses unable to visit one of the Centers may obtain information on loan applications by calling the SBA's Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) Monday through Friday from 8 a.m. to 8 p.m., and Saturday and Sunday from 9 a.m. to 5:30 p.m. ET or by sending an email to email@example.com. Loan applications can also be downloaded from the SBA website at www.sba.gov. Completed applications should be returned to one of the Centers or mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
Those affected by the disaster may also apply for disaster loans electronically from SBA's website at https://disasterloan.sba.gov/ela/.
The filing deadline to return applications for physical property damage is November 25, 2011. The deadline to return economic injury applications is June 26, 2012.
For more information about the SBA's Disaster Loan Program, visit our website at www.sba.gov.
Contact: Mark Ihenacho
Phone: (404) 331-0333
SOURCE U.S. Small Business Administration