US Virgin Islands Hotel & Tourism Association
SBA Approves Over $1 Million Disaster Loans in Virgin Islands; Customer Service Representatives Available to Assist Survivors
The U.S. Small Business Administration announced that over $1 million in low-interest disaster loans have been approved for businesses and residents of the Virgin Islands affected by Hurricane Irma.
“Currently, 14 disaster loans have been approved in the amount of $1,328,000 for affected survivors. The SBA encourages anyone who has not applied to take action right away. Our mission is to help businesses and residents rebuild and resume their normal lives as quickly as possible,” said Frank Skaggs, director of SBA’s Field Operations Center East in Atlanta.
SBA Customer Service Representatives are at FEMA’s Disaster Recovery Center to issue loan applications, answer questions and help individuals complete their applications. The center is located in the following community and is open from 9 a.m. to 6 p.m. daily until further notice:
Saint Croix
Old Post Office
Church & Company Streets
Christiansted, Saint Croix, VI 00820
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.
To be considered for all forms of disaster assistance, applicants should register online at www.DisasterAssistance.gov or download the FEMA mobile app. If online or mobile access is unavailable, applicants should call the FEMA toll-free helpline at 800-621-3362. Those who use 711-Relay or Video Relay Services should call 800-621-3362.
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 disastercustomerservice@sba.gov. Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at https://disasterloan.sba.gov/ela. Loan applications can be downloaded from www.sba.gov/disaster. 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.
The filing deadline to submit applications for physical property damage is Nov. 6, 2017 for Hurricane Irma and Nov. 20, 2017 for Hurricane Maria. The deadline for economic injury applications is June 7, 2018 for Hurricane Irma and June 20, 2017 for Hurricane Maria.
SBA Helping the U.S. Virgin Islands Recover from Hurricane Irma
Administrator Linda McMahon of the U.S. Small Business Administration issued the following statement after the announcement of the Presidential disaster declaration for St. John and St. Thomas in the U.S. Virgin Islands affected by Hurricane Irma beginning on Sept. 6:
“The U.S. Small Business Administration is strongly committed to providing the people of the U.S. Virgin Islands with the most effective and customer-focused response possible to assist businesses, homeowners and renters with federal disaster loans. Getting businesses and communities up and running after a disaster is our highest priority at SBA.”
The disaster declaration covers St. John and St. Thomas in the U.S. Virgin Islands, which are eligible for both Physical and Economic Injury Disaster Loans from the SBA.
Businesses and nonprofits can apply for up to $2 million to repair or replace disaster damaged real estate, machinery, equipment, inventory and other business assets. Loans for working capital, known as Economic Injury Disaster Loans, are available even if the business did not suffer any physical damage. Homeowners can apply for up to $200,000 to repair or replace disaster damaged real estate. Homeowners and renters can apply for up to $40,000 to repair or replace damaged personal property including automobiles.
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, with terms up to 30 years. The SBA customizes loan amounts and terms based on each applicant’s circumstances.
Applicants may be eligible for a loan amount increase up to 20 percent of their physical damages, as verified by the SBA for mitigation purposes. Eligible mitigation improvements may now include a safe room or storm shelter to help protect property and occupants from future damage caused by a similar disaster.
To be considered for all forms of disaster assistance, applicants should register online at www.DisasterAssistance.gov or by mobile device at m.fema.gov. If online or mobile access is unavailable, applicants should call the FEMA toll-free helpline at 800-621-3362. Those who use 711-Relay or Video Relay Services should call 800-621-3362. (800-462-7585 TTY. The SBA offers several ways to apply for a disaster loan: online application via SBA’s secure website at https://disasterloan.sba.gov/ela; visit a recovery center for one-one-one assistance; or download an application from www.sba.gov/disaster. For more information or to request application forms, call the SBA’s Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or send an email to disastercustomerservice@sba.gov. 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.
The filing deadline to submit applications for physical property damage is Nov. 6, 2017. The deadline for economic injury applications is June 7, 2018.