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U.S. Small Business Administration Approves Over $108 Million Disaster Loans in the Virgin Islands

ATLANTA – The U.S. Small Business Administration said that over $108 million in low-interest
disaster loans have been approved for businesses and residents of the U.S. Virgin Islands affected by
Hurricanes Irma and Maria.

“Currently, 1,450 disaster loans have been approved in the amount of $108,570,500 for affected
survivors. The SBA encourages anyone who has not applied to take action right away. Our mission is to
help businesses and residents rebuild and resume their normal lives as quickly as possible,” said Frank
Skaggs, director of SBA’s Field Operations Center East in Atlanta.

SBA disaster loans are available to businesses of all sizes, most private nonprofit organizations,
homeowners and renters to cover uninsured losses from the disaster. Interest rates are as low as 3.305
percent for businesses, 2.5 percent for private nonprofit organizations, and 1.75 percent for homeowners
and renters. Loan terms can be up to 30 years.

Economic injury disaster loans are also available to provide disaster related working capital to small
businesses and most private nonprofit organizations. These working capital loans may be used to pay
fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not
occurred.

To be considered for all forms of disaster assistance, applicants should register online at
www.DisasterAssistance.gov or download the FEMA mobile app. If online or mobile access is
unavailable, applicants should call the FEMA toll-free helpline at 800-621-3362. Those who use
711-Relay or Video Relay Services should call 800-621-3362.

Additional information on the disaster loan program may be obtained by calling SBA’s Customer Service
Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an email to
disastercustomerservice@sba.gov. Applicants may apply online using the Electronic Loan Application
(ELA) via SBA’s secure website at https://disasterloan.sba.gov/ela. Loan applications can be downloaded
from www.sba.gov/disaster. Completed applications should be returned to a recovery center or mailed to:
U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road,
Fort Worth, TX 76155.

The filing deadline to submit applications for physical property damage is Dec. 18, 2017 for Hurricanes
Irma and Maria. The deadline for economic injury applications is June 7, 2018 for Hurricane Irma and
June 20, 2017 for Hurricane Maria.

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The Author

John McCarthy

John McCarthy

John McCarthy has been reporting on the U.S. Virgin Islands since 1989. He is originally from Detroit, Michigan.

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