Over $1 Million In State SBA Disaster Loans Approved

ATLANTA, GA. — US Small Business Administration announced that more than $1.1 million in disaster loans have been approved for individuals and businesses in the counties of Fairfield, Middlesex, New Haven, New London and Windham that sustained damage from the severe storms and flooding that occurred March 12 through May 17.

Due to a steady decrease in activity, all of SBA’s Disaster Loan Outreach Centers closed on July 9.

“We want to thank all of our federal, state and local partners, as well as the volunteer organizations and individuals that helped the SBA to provide financial assistance to the victims,” said Frank Skaggs, director of SBA’s Field Operations Center East.

SBA officials noted, however, that 2,500-plus people had not returned their SBA disaster loan applications by early July.

“We encouraged anyone affected by this disaster to visit one of the recovery centers before they closed to obtain individual assistance with completing their loan applications,” Mr Skaggs added. Homeowners and renters who did not qualify for a disaster loan were referred to FEMA for grant consideration.

Interest rates were offered as low as 2.625 percent for homeowners and renters, three percent for non-profit organizations and four percent for businesses with terms up to 30 years. Loan amounts and terms were set by the SBA and are based on each applicant’s financial condition.