result of this declaration, low-interest loans are available
to businesses that sustained damages from Hurricane Katrina
Frank Skaggs, SBA Acting Area Director
U.S. Small Business Administration (SBA) announced today
that Monroe County and the contiguous counties of Collier and
Miami-Dade in the State of Florida have been declared a disaster
area as a result of damages caused by Hurricane Katrina that
occurred August 25, 2005.
"As a result of this declaration, low-interest loans are
available to homeowners, renters and businesses that sustained
damages from Hurricane Katrina that occurred on August 25,
2005," said SBA Acting Area Director Frank Skaggs. "If you had
any damage as result of Hurricane Katrina you're eligible to
apply for this help," Skaggs added.
To assist disaster victims, SBA is opening a temporary loan
assistance center in Monroe County located in the Harvey
Government Center, 1200 Truman Avenue, Key West, Florida 33040.
The center will open on Wednesday, September 21, 2005 at 9:00
a.m. and remain open weekdays from 9:00 a.m. until 5:00 p.m.,
until further notice.
SBA offers loans up to $40,000 for homeowners and renters to
repair or replace disaster damaged personal property such as
furniture and clothing. Homeowners are eligible for loans up to
$200,000 to repair disaster damaged primary residences. Loans to
businesses of all sizes and non-profit organizations are
available for up to $1.5 million to repair damage to real
estate, machinery and equipment, and inventory. Economic Injury
Disaster Loans (EIDLs) are also available to small businesses
unable to pay bills or meet operating expenses.
Interest rates are as low as 2.687 percent for homeowners and
renters and 4 percent for businesses with terms up to 30 years.
Loan amounts and terms are set by SBA and are based upon each
applicant's financial condition.
"We want everyone who had damages caused by Hurricane Katrina
to come in and personally meet with an SBA loan officer. Our
representatives will be glad to answer any questions about the
disaster loan program, give you a disaster loan application, and
provide any extra help you may need or want with completing the
application," Skaggs said.
The deadline for physical damage applications is November 14,
2005; the deadline for economic injury applications is June 14,
For more information visit SBA's website at
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