Vermont Business Magazine The US Small Business Administration is reaching the business network in Vermont and allow businessowners to take advantage of the disaster loans available to help them recuperate after the severe storms on July 7, 2023 covered by this declared Presidential Disaster Declaration SBA#18016 – FEMA 4720.
Disaster assistance is available from SBA to provide residents and business owners as well as private nonprofit organizations and churches impacted by affected by severe storms and flooding in Vermont that began on July 7.
The Presidential disaster declaration covers Caledonia, Chittenden, Lamoille, Orange, Orleans, Rutland, Washington, Windham, and Windsor counties in Vermont which are eligible for both Physical and Economic Injury Disaster Loans from the SBA. Small businesses and most private nonprofit organizations in the following adjacent counties are eligible to apply only for SBA Economic Injury Disaster Loans (EIDLs): Addison, Bennington, Essex, Franklin, and Grand Isle in Vermont; Franklin in Massachusetts; Cheshire, Grafton, and Sullivan in New Hampshire; and Clinton, Essex, and Washington in New York.
The Business Recovery Centers (BRC’s), operated by the U.S. Small Business Administration are located as follow and are open as indicated below until further notice:
Lamoille County BRC
The Lamoille County Agriculture Building
29 Sunset Drive
Morrisville, VT 05661
Hours: Monday to Sunday, 8 a.m. to 5 p.m. Business Recovery Center
Washington County BRC
Vermont Chamber of Commerce
751 Granger Road
Berlin, VT 05641
Hours: Monday to Sunday, 8 a.m. to 5 p.m.
Windsor County BRC
Engel & Völkers Okemo Building
126 Main Street
Ludlow, VT 05149
Hours: Monday to Sunday, 8 a.m. to 5 p.m.
FEMA has several Disaster Recovery (DRC) centers opened to assist those affected. All FEMA centers are staffed with SBA Customer Service Representatives available to answer your questions, provide you with individual assistance in the application process for an SBA disaster loan.
What kind of assistance is available from SBA:
Physical Disaster Loans
Available to the following counties: Caledonia, Chittenden, Lamoille, Orange, Orleans, Rutland, Washington, Windham, and Windsor counties in Vermont which are eligible for both Physical and Economic Injury Disaster Loans from the SBA.
Business Loans – Businesses and non-profit organizations to repair or replace property losses. Disaster Loans up to 2 million dollars with 4% interest rate and repayment up to 30 years.
Home Loans – Homeowners and renters to repair or replace property losses. Disaster Loans up to 200K for homeowners and 40K for renters with 2.5% interest rate and repayment up to 30 years.
The SBA disaster assistance deadline for physical damages to residents and businessowners is on Sept. 12, 2023.
Economic Injury Disaster Loans (EIDLs)
Small businesses and most private nonprofit organizations in the following adjacent counties are eligible to apply only for SBA Economic Injury Disaster Loans (EIDLs): Addison, Bennington, Essex, Franklin, and Grand Isle in Vermont; Franklin in Massachusetts; Cheshire, Grafton, and Sullivan in New Hampshire; and Clinton, Essex, and Washington in New York.
Working capital loans to help small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private non-profit organizations of all sizes meet their ordinary and necessary financial obligations that cannot be met as a direct result of the declared disaster. EIDL Loans up to 2 million dollars with 4% interest rate for businesses and 2.375% for nonprofits also with repayment up to 30 years.
The deadline for the SBA economic injury impact loan (EIDL) for this declaration is April 15, 2024.
To apply online or after the Business Recovery Center(s) are closed, please go to the SBA website and start you application process at https://disasterloanassistance.sba.gov/ela/s/, and should apply under SBA declaration #18016.
For any additional information please contact SBA's Disaster Assistance Customer Service Center at 1-800-659-2955 (TTY/TRS: 711) or email your inquiry to [email protected].
To be considered for all forms of disaster assistance, applicants should register online at 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.
