Ogunquit News
SBA deadline approaches for homes, businesses damaged by nor'easter
By Jennifer L. Saunders
OGUNQUIT and YORK - A little more than a year after the Mother's Day storm that doused the local communities with flooding and destruction, the Small Business Administration is back in town, this time assisting residents and business owners with property damaged in the Patriots Day storm of this past April.
According to the latest information available on lone approval numbers from the SBA, Maine residents and businesses have already been approved for a total of 27 loans amounting to $791,700.
"Of that total York County has already had 16 loans approved - five for businesses totaling $153,800 and 11 for homeowners totaling $101,600," explained U.S. Small Business Administration New England Public Information Officer Tom Nocera.
The deadline for applying for SBA loans for Maine is now just about one month away, July 9, for homeowners, renters and businesses with physical damage not covered by insurance.
The SBA also offers businesses Economic Injury Disaster Loans to help local businesses stay in business during the weeks and months following a disaster. There is more time for businesses suffering economic injury as a result of the Patriots Day Nor'easter to apply for assistance, as that deadline is Feb. 11, 2008.
The total number of applications the SBA has issued to Maine disaster victims is 1,775, Nocera noted, which includes 325 for businesses and 1,450 for homeowners and renters.
However, he said, as of Monday evening, June 4, the SBA had only received 118 completed loan applications, 100 from homeowners and 18 from businesses, of the total issued.
Nocera said the administration is hopeful that Maine business owners and residents who have property that has sustained damage not covered by their insurance will consider making an application for the low interest loans. The rates are as low as 2.875 percent for homeowners and as low as 4 percent for businesses while this special program remains open, he said.
"We encourage everyone who received a disaster loan application in the mail to visit a Disaster Recovery Center while they are open, and have your questions answered," Nocera said.
Such a center has been set up at York County Community College in Wells, as was the case after last year's Mother's Day storm.
Applicants that are declined by the SBA may receive grants which are administered by the Federal Emergency Management Agency.
To find out more about disaster loans from the SBA call (800) 659-2955 or visit http://www.sba.gov/.
