Financial help may be available for those who suffered property or revenue loss due to the severe storms in January. The U.S. Small Business Administration (SBA) is offering several disaster loans for those impacted by the Jan 9-13 storms and opened a Business Recovery Center (BRC) April 23 in New Harbor to assist applicants. 

SBA Public Affairs Specialist Monica Myles spoke at the April 22 Boothbay Harbor selectboard meeting about the loans and how people can apply for them. She said the SBA is authorized to provide loans to homeowners, nonprofits and large and small businesses.  

Representatives at the BRC can assist in completing disaster loan applications, accept documents for existing applications, provide updates on an application’s status and provide information about SBA disaster relief programs. The BRC is at Willing Workers Hall, 2604 Bristol Road in New Harbor. It is open Monday through Friday, from 9 a.m. to 6 p.m., and Saturday, from 9 a.m. to 3 p.m. 

According to the SBA, businesses and private non-profit organizations of any size may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory and other business assets; the SBA can also lend funds to businesses and homeowners to help with the cost of improvements to protect, prevent, or minimize future disaster damage.  

The SBA said disaster loans of up to $500,000 are available to homeowners to repair or replace disaster-damaged or destroyed real estate; homeowners and renters are eligible for up to $100,000 to repair or replace disaster-damaged or destroyed personal property. 

According to the SBA, for small businesses, small agricultural cooperatives and aquaculture businesses and most private non-profit organizations, Economic Injury Disaster Loans (EIDLs) can help meet working capital needs caused by the disaster. Myles said the loans could be applicable if an organization believes it can't pay its bills as a direct result of a disaster; reasons could include loss of utilities, clientele decrease, road closures, or physical damage. She said physical damage is not a prerequisite, only damage to revenue as a direct result of the disaster.  

The filing deadline for physical property damage applications is May 20, and the deadline for economic injury applications is Dec. 23, because, Myles said, it may take an organization time to realize it has financially suffered from a disaster. 

The SBA said interest rates are as low as 4% for businesses, 3.25% for nonprofit organizations, and 2.688% for homeowners and renters, with terms up to 30 years; interest does not begin to accrue, and monthly payments are not due, until 12 months from the date of the initial disbursement. 

Applicants may apply online and receive additional disaster assistance information at SBA.gov/disaster. They may also call SBA’s Customer Service Center at (800) 659‑2955 or email disastercustomerservice@sba.gov for more information.  

To be considered for all forms of disaster assistance, applicants can register online at DisasterAssistance.gov, download the FEMA mobile app, or call the FEMA toll-free helpline at 800-621-3362.