Posted Tuesday, June 21st, 2011
Low-interest Small Business Administration loans of up to $200,000 are now available to homeowners in Morris and nine other counties to repair damaged or destroyed real estate resulting from flooding which took place March 10, 2011 through March 17, 2011.
The SBA’s customer service representatives will be on hand at Disaster Loan Outreach Centers to answer questions about the disaster loan program, explain the process and issue and help individuals complete their applications.
In northern New Jersey, the Center will be in the Community Room of the Woodland Park Municipal Building, 5 Brophy Lane, Woodland Park. The Center will be open Monday-Friday from 9 a.m. to 5 p.m., and on Saturday from 9 a.m. to 1 p.m., until the close of business Thursday, June 30.
Besides Morris, homeowners in Passaic, Essex, Bergen, Hudson, Hunterdon, Somerset, Sussex, Union and Warren are also eligible to apply for the low-interest loans.
Homeowners and renters in those counties are also eligible for loans up to $40,000 to repair or replace damaged or destroyed personal property.
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.
The SBA may increase a loan up to 20 percent of the total amount of disaster damage to real estate and/or leasehold improvements, as verified by the SBA, to make improvements that lessen the risk of property damage by future disasters of the same kind.
Interest rates are as low as 2.563 percent for homeowners and renters, 3 percent for non-profit organizations and 4 percent for businesses with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.
Anyone unable to visit the Center may obtain information on loan applications by calling the SBA’s Customer Service Center at 800-659-2955, or 800-877-8339 for people with speech or hearing disabilities, Monday through Friday from 8 a.m. to 6 p.m., and Saturday from 9 a.m. to 5:30 p.m., or by sending an e-mail to [email protected]
Those affected by the disaster may apply for disaster loans from SBA’s website at https://disasterloan.sba.gov/ela/.
The filing deadline to return applications for physical property damage is August 15, 2011, and the deadline to return economic injury applications is March 14, 2012.