SBA disaster loan centers
NORFOLK -- Homeowners and business owners who suffered damaged in the November Nor'easter can apply for low-interest loans from the U.S. Small Business Administration, starting today.
Loans as high as $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters could get loans up to $40,000 to repair or replace damaged or destroyed personal property.
Businesses 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.
Interest rates are as low as 2.562 percent for homeowners and renters, and 4 percent for businesses, with terms up to 30 years.
The filing deadline for applications for physical property damage is Jan. 25. The deadline for economic injury applications is Aug. 25.
Two centers, one in Norfolk and one in Hampton, are open to take applications and SBA representatives will be there to help. In Norfolk, it's the Ocean View Senior Center at 600 E. Ocean View Avenue; in Hampton, go to the Northampton Community Center at 1435-A Todds Lane.
LOAN CENTER HOURS:
Today through Dec. 4: 8:00 a.m. to 5:00 p.m.
Dec. 5: 9:00 a.m. to noon
Dec. 6: Closed
Dec. 7- Dec. 10: 8:00 a.m. to 5:00 p.m.
The SBA also provides mitigation funds to disaster victims of up to 20 percent of the verified physical damage. These funds are designed to help borrowers pay for protective measures to minimize damages of the same kind in the future.
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