SBA Disaster Loans Available to Westgate Condo Renters

Warwick, RI – The deadline to submit disaster loan applications for damages caused by the March 11 Westgate condo fire is June 5.

Loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate, according to a release from the RI Small Business Administration. Homeowners and renters are eligible for loans up to $40,000 to repair or replace damaged or destroyed personal property.

Applicants may be eligible for a loan amount increase up to 20 percent of their physical damages, as verified by the SBA, to make improvements that help prevent the risk of future property damage caused by a similar disaster.

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 amounts and terms are set by the SBA and are based on each applicant’s financial condition.

The low-interest disaster loans are available in Kent County and the adjacent counties of Bristol, Providence and Washington in Rhode Island; and New London and Windham in Connecticut.

Businesses of any size and nonprofit organizations 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, 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.

Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website athttps://disasterloan.sba.gov/ela.

Disaster loan information and applications may also be obtained by calling the SBA’s Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and hard-of-hearing), or by emailing[email protected]. Loan applications can also be downloaded at www.sba.gov/disaster. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

 

The filing deadline to return applications for physical property damage is June 5, 2015.  The deadline to return economic injury applications is January 6, 2016.