Ida Disaster Loan Application Deadline Approaches |

0

Connecticut businesses can apply for a physical disaster loan of up to $2 million for damage caused by Hurricane Ida through Jan. 28.

The US Small Business Administration extended initial deadlines for businesses, private nonprofit organizations, landlords and tenants earlier this month.

Hurricane remnants affected people across the state in the first two days of September.

Businesses in Fairfield, New Haven and New London counties are eligible for physical and economic disaster loans. This includes areas that are part of the Mashantucket Pequot and Mohegan Tribal Nations.

Businesses in Hartford, Litchfield, Middlesex, Tolland and Windham counties can only apply for an SBA Economic Disaster Loan.

The deadline for the return of EIDL applications is August 1.

Loan

Businesses that suffered damage to property, machinery, equipment or inventory during the early September storm can borrow up to $2 million for repairs.

Applicants may be eligible for a loan increase of up to 20% of physical damage lost, verified by the SBA, for mitigation purposes. This may include a sump pump, elevation or retaining wall to help protect the property in the future.

EIDL financing is available for small businesses, small agricultural cooperatives and most non-profit organizations, regardless of the physical damage.

The SBA sets loan amounts and terms based on each company’s financial situation. Interest rates for businesses start at 2.855% and 2% for nonprofits, with terms up to 30 years.

The SBA Business Recovery Center remains open inside the Darien Library at 1441 Post Road to assist businesses.

Share.

Comments are closed.