Vermont Business Magazine The US Small Business Administration (SBA) has approved more than $10 million in low-interest disaster loans for Vermonters whose property was damaged or destroyed by the July flooding. Approved loan funds, which totaled $10,108,000 as of close of business Aug. 15, will assist 223 businesses, homeowners and renters repair, rebuild and recover.
Applications are still being processed, and the amount of money that will be made available to disaster survivors will increase in the days and weeks ahead.
Those who need assistance have less than four weeks to apply. The physical filing deadline for businesses of all sizes - as well as homeowners, renters and private nonprofits in Vermont’s declared counties - is Sept. 12. The 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 deadline to apply for EIDL assistance is April 15, 2024.
Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at https://disasterloanassistance.sba.gov/ela/s/ and should apply under SBA declaration # 18016.
Disaster survivors with insurance should not wait for their settlement before applying to the SBA. The SBA can make a loan for the total loss and use insurance proceeds to reduce or repay the loan.
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.
Disaster loan information and application forms can also be obtained by calling the SBA’s Customer Service Center at 800-659-2955 (if you are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services) or sending an email to [email protected]. Loan applications can also be downloaded from www.sba.gov/disaster.
Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The filing deadline to return applications for physical property damage is Sept. 12, 2023. The deadline to return economic injury applications is April 15, 2024.
SBA Vermont District Office
87 State St., Unit 205
Montpelier, VT 05601
Phone: 802-828-4422
www.sba.gov/vt
