Sussex residents eligible for SBA loans for Sandy repairs
The U.S. Small Business Administration has announced that because Sussex County is contiguous to Worcester County, Md., which was the primary Maryland county adversely affected by Hurricane Sandy, homeowners, businesses and nonprofit organization in Sussex County can apply for special SBA loans. Two counties in Maryland (Somerset and Wicomico) and one in Virginia (Accomack) also qualify because they are contiguous to Worcester County.
The loans for physical damage repairs or to compensate for economic injury have special low interest rates. Categories and rates for physical damage include the following: homeowners with credit available elsewhere 3.375, homeowners without credit available elsewhere 1.688, businesses with credit available elsewhere 6.000, businesses without credit available elsewhere 4.000, nonprofit organizations with credit available elsewhere 3.125, and nonprofit organizations without credit available elsewhere 3.000.
Economic injury categories and rates include businesses & small agricultural cooperatives without credit available elsewhere 4.000 and nonprofit organizations without credit available elsewhere 3.000.
The deadline for physical damage loan applications is March 4. Economic injury loan applications must be submitted by Oct. 2. Applications can be filed by using the electronic loan application available at https://disasterloan.sba.gov/ela.
Loan forms and information can also be obtained by calling the SBA’s Customer Service Center at 800-659-2955 (800-877-8339 for hearing-impaired callers), or by sending an email to disastercustomerservice@sba.gov.
Applicants can also download an application from www.sba.gov. Completed applications submitted via mail should be sent to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
