WASHINGTON – Connecticut businesses and residents affected by the condominium fire in Bridgeport on Dec. 31 can apply for low-interest disaster loans from the U.S. Small Business Administration, SBA Administrator Maria Contreras-Sweet announced today.
Contreras-Sweet made the loans available in response to a letter from Gov. Dannel P. Malloy on Jan. 8, requesting a disaster declaration by the SBA. The declaration covers Fairfield County and the adjacent counties of Litchfield and New Haven inConnecticut; Dutchess, Putnam and Westchester in New York.
“The SBA is strongly committed to providing the people of Connecticut with the most effective and customer-focused response possible to assist businesses of all sizes, homeowners and renters with federal disaster loans,” said Contreras-Sweet. “Getting businesses and communities up and running after a disaster is our highest priority at SBA.”
Bridgeport Mayor Joe Ganim said, “The fire in the condominium complex on Charles Street in Bridgeport on New Year’s eve was devastating and more than 100 families were left homeless. While nothing can truly replace what was lost in that fire, this federal SBA program can really help residents and businesses get back on their feet after this disaster. I thank Governor Malloy and the SBA for so quickly responding to the needs of the Bridgeport families impacted by this horrible fire. I also encourage any victims of this fire to step forward to see if you qualify for this financial assistance.”
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. For small businesses, small agricultural cooperatives, small aquaculture businesses and most private nonprofit 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.
The Center is located in the following community and is open as indicated:
Fairfield County:
Margaret Morton Government Center (City Hall Annex)
Conference Room A and B on the 1st floor
999 Broad Street
Bridgeport, CT 06604
Opens: Tuesday, Jan. 26 at 8 a.m.
Hours: 8 a.m. to 5 p.m., Tues., Jan. 26 and Wed., Jan. 27
Closes: Thursday, Jan. 28 at 3 p.m.
“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,” said Frank Skaggs, director of SBA’s Field Operations Center East in Atlanta. SBA’s customer service representatives are available at the Disaster Loan Outreach Center to answer questions about the disaster loan program and help individuals complete their applications.
Interest rates are as low as 4 percent for businesses, 2.625 percent for nonprofit organizations, and 1.813 percent for homeowners and renters with terms up to 30 years. Loan amount and terms are set by the SBA and are based on each applicant’s financial condition.
Applicants may be eligible for a loan amount increase up to 20 percent of their physical damages, as verified by the SBA for mitigation purposes. Some improvements now include a safe room or storm shelter to help protect property and occupants from future damage caused by a similar disaster.
Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website athttps://disasterloan.sba.gov/
Businesses and Individuals may also obtain information and loan applications by calling the SBA’sCustomer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and hard-of-hearing), or by emailing disastercustomerservice@sba.
The filing deadline to return applications for physical property damage is March 21, 2016. The deadline to return economic injury applications is Oct. 21, 2016.