SBA Disaster Loan Deadline Approaches; Vermonters Urged To Apply

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Release date: 
July 29, 2002
Release Number: 
1428-08

Williston, VT -- State and federal officials urge homeowners, renters and businesses who experienced losses due to June flooding to return their loan applications by September 10. The application must be completed and returned before further assistance can be considered, say representatives of the Small Business Administration (SBA), Federal Emergency Management Agency (FEMA) and Vermont State Emergency Management (VEM).

Small businesses applying for economic injury loans have until April 10, 2003, to apply. Economic injury loans are working capital loans to help small businesses meet operating expenses that cannot be met because of the disaster.

Low-interest, long-term loans are a primary source of recovery funds for those affected by the flooding. Disaster home loans may be made for up to $200,000 for repairs to homes and up to $40,000 for replacement of disaster-damaged personal property. Businesses may borrow up to $1.5 million to repair or replace damaged real estate, machinery, equipment, inventory and other business assets.

Loan applications are issued to all who seek assistance following President Bush's July 12 disaster declaration and appear able to qualify based on limited information. After returning the loan application, some may be offered loans for the full amount they seek, some may be declined for the loan and referred to the Individual and Family Grant Program for their needs and some may be offered a combination of the two forms of assistance. Returning an application in no way obligates an applicant to take the loan. However, the sooner an application is returned the sooner the process can go forward for providing assistance to the applicant.

Applicants can apply by calling the Federal Emergency Management Agency (FEMA) at 1-800-621-FEMA (3362). The TTY number for those who are hearing or speech impaired is 1-800-462-7585.

Last Updated: 
July 16, 2012 - 18:46
State/Tribal Government or Region: 
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