September 2005

SBA ready to assist victims of Hurricane Rita

Following the announcement of a presidential disaster declaration in Texas as a result of Hurricane Rita, Small Business Administration (SBA) Administrator Hector V. Barreto said that the SBA has more than 2,300 employees working to assist survivors of Hurricane Katrina to process loans in affected areas.

Barreto said the SBA is continuing to hire additional staff to respond to the anticipated demand for SBA loans. Last year after an unprecedented four hurricanes struck Florida and 13 other states last summer, the SBA approved more than $2.1 billion in disaster loans to about 64,500 residents and business owners in the disaster areas.

SBA offers loans up to $200,000 to repair disaster damaged primary residences. Homeowners and renters are eligible for loans up to $40,000 to replace personal property such as furniture and clothing. Loans to businesses of all sizes and non-profit organizations are available up to $1.5 million to repair damage to real estate, machinery, equipment, and inventory. Economic Injury Disaster Loans (EIDLs) are also available to small businesses unable to pay bills or meet operating expenses. Congress is considering raising these loan limits.

Interest rates can be as low as 2.68 percent for homeowners and renters and 4 percent for businesses with terms up to 30 years. Loan amounts and terms are set by SBA and are based upon each applicant’s financial condition.

Residents and business owners in the affected areas can begin the disaster application process by first registering online with FEMA at www.fema.gov, or by calling 800-621-FEMA (3362). More information is available from the SBA’s customer service center at 800-659-2955 or www.sba.gov/disaster.

Source: U.S. Small Business Association, www.sba.gov

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