SBA Approves Over $300 Million in Disaster Loans

U.S. Small Business Administration

The U.S. Small Business Administration (SBA) has announced the Business Recovery Centers (BRCs) on St. Croix and St. Thomas will close for Martin Luther King Jr. Day, Monday, Jan. 15 and reopen Tuesday, Jan. 16. The SBA has now approved over $300 million in low-interest disaster loans for Virgin Islands businesses and residents affected by hurricanes Irma and Maria.

“Currently, 4,646 disaster loans have been approved in the amount of $308,755,500 for affected survivors. SBA representatives remain in the U.S. Virgin Islands to assist survivors with their recovery from last year’s hurricanes. SBA disaster loans are an affordable way for businesses and residents to rebuild and resume their normal lives as quickly as possible,” said Frank Skaggs, director of SBA’s Field Operations Center East in Atlanta.

SBA representatives are located at FEMA Disaster Recovery Centers and SBA Business Recovery Centers. The representatives can provide information about disaster loans, answer questions and help businesses complete their SBA application.

Business Recovery Center Locations and Hours of Operation

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Small Business Development Center Small Business Development Center, 4100 Sion Farm Shopping Center, Suite 16 University of the Virgin Islands

Christiansted St. Croix, VI 00820 8000 Nisky Center, Suite 720, St. Thomas, VI 00802

Hours: Monday – Friday, 8 a.m. to 5 p.m.

Saturday, 9 a.m. to 2 p.m.

Closed: Monday, Jan. 15 (MLK Jr. Day)

Closed: Sundays

SBA disaster loans are available to businesses of all sizes, most private nonprofit organizations, homeowners and renters to cover uninsured losses from the disaster. Interest rates are as low as 3.305 percent for businesses, 2.5 percent for private nonprofit organizations, and 1.75 percent for homeowners and renters. Loan terms can be up to 30 years.

Economic injury disaster loans are also available to provide disaster related working capital to small businesses and most private nonprofit organizations. These working capital loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred.

Additional information on the disaster loan program may be obtained by calling SBA’s Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an email to [email protected]. Loan applications can be downloaded from www.sba.gov. Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at https://disasterloan.sba.gov/ela.

Completed applications should be returned to a recovery center or mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

For more information about SBA recovery assistance, visit www.sba.gov/disaster.

The filing deadline to submit applications for physical property damage for hurricanes Irma and Maria expired on Jan. 8, 2018. The deadline for economic injury applications is June 7, 2018, for Hurricane Irma and June 20, 2018, for Hurricane Maria.

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