SBA Approves $16 Million In Disaster Loans For Tropical Storm Irene

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Release date: 
October 24, 2011
Release Number: 
4022-056

BURLINGTON, Vt.Vermont residents and businesses recovering from the damage caused by Tropical Storm Irene have been assisted by more than $16 million in disaster-assistance loans from the U.S. Small Business Administration.

“The FEMA team gets a lot of the headlines, but our partners at the SBA have been critical in helping Vermont homeowners, renters and businesses with low-interest disaster loans,” said Federal Coordinating Officer James N. Russo. “The amount of money they have put on the streets is truly remarkable.”

“The size and number of loans we have approved is a testament to just how much damage Tropical Storm Irene caused,” said Carl Sherrill, a spokesman for the SBA. “We urge all Vermonters who received but have not yet filled out an SBA application to do so, even if you don’t want a loan.”

That’s because individuals and families who do not qualify for an SBA low-interest disaster recovery loan may be eligible for additional FEMA grants, Sherrill said.

The SBA has issued 5,842 loan applications to homeowners and businesses in Vermont. To date, a total of 842 have been returned, and 276 applications totaling $16,138,800 have been approved.

SBA makes loans to homeowners, renters, businesses of all sizes and non-profits. The SBA may be able to offer a loan that will provide money for recovery if an insurance claim is delayed or denied. If the claim is paid, the insurance settlement can be used to pay off the SBA loan.

For more information, call 800-659-2955 or 800-877-8339 for people with speech or hearing disabilities. Applications can also be downloaded from www.sba.gov or completed online at https://disasterloan.sba.gov/ele/.

The SBA has also established three assistance centers where not only businesses but homeowners can get face-to-face help reviewing their cases and filling out applications. The centers are open Monday through Saturday, 8:00 a.m. to 5:00 p.m.

Windham County
Brattleboro Development Credit Corporation
72 Cotton Mill Hill – 2nd Floor
Brattleboro VT 05301

Windsor County
Town of Hartford Building
171 Bridge Street
White River Junction VT 05001

Springfield Development Corporation
14 Clinton Street
Springfield VT 05156

Those who have been affected by the storm have until November 15 to register for federal disaster assistance with both FEMA and the SBA.

In addition to the SBA loans, more than $18.5 million in housing and other assistance grants has been provided to individuals and families by the Federal Emergency Management Agency, which has approved more than 3,100 Vermonters for aid.

Of that $18.5 million approved so far, nearly $17.3 million went toward housing assistance grants to help repair, rebuild or replace housing...

Last Updated: 
July 16, 2012 - 18:46
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