SBA offering disaster loans in some Conn. counties

Oct. 17--The U.S. Small Business Administration is making disaster loans available to homeowners, business owners and nonprofits in declared disaster areas, including Connecticut's Fairfield, Hartford, Litchfield and Middlesex counties, according to a press release from the agency.

The disaster SBA refers to took place May 15 of this year, when the areas above suffered severe storms, tornadoes and straight-line winds, the release said.

The types of disaster loans available include:

-- Business Physical Disaster Loans would repair or replace disaster-damaged property owned by the business, including real estate, inventories, supplies, machinery and equipment. Businesses of any size are eligible. Private, non-profit organizations such as charities, churches, private universities, etc., are also eligible.

-- Economic Injury Disaster Loans are working capital loans to help small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private, non-profit organizations of all sizes meet ordinary and necessary financial obligations that cannot be met as a direct result of the disaster. These loans are intended to assist through the disaster recovery period.

-- Home Disaster Loans help homeowners or renters repair or replace disaster-damaged real estate and personal property, including automobiles.

For information on credit requirtements, interest rates, the term of loans, amount limits, eligibility restrictions, help with funding mitigation improvements, help with refinancing, the possibility of relocation and insurance requirements, visit the SBA website, email the SBA's Disaster Assistance Customer Service Center at [email protected] or call 800-659-2955.

Loan application filing deadlines are Dec. 10, 2018 for physical damage and July 9, 2019 for economic injury, the release said.

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