Thursday, December 13, 2012

Hurricane Sandy Disaster Victims have Till January 31, 2013 to apply for 1.688% interest rate loans

 With all of the false information that circulates after a disaster, people often wait too long to figure out what they should do.
This information is important don't allow the deadline to pass......
Small Business Administration 
Physical Damage: January 31, 2013
 Economic Injury: July 31, 2013

FEMA SBA Loans are NOT just for businesses.

Homeowners have until January 31, 2013 to apply for a loan to make repairs to their homes at
1.688%  interest ~ Max Loan Amount $220,000
Homeowners may also apply for up to $40,000 for contents, appliances, furniture etc....
FEMA encourages ALL homeowners to apply....
 Homeowners have up to 18 months to decide if they want to use the loan or not.
But if they do not apply this will no longer be an option.........

 FEMA has set up a specific locations especially for this process.

The Ocean County SBA Recovery Center ~ The Southern Ocean County Chamber Of Commerce Office Located at the Stafford Heritage Park Train Station
across from Manahawkin Lake between RT9 and RT 72 on Bay Ave

The Monmouth County SBA Recovery Center location at Brookdale Community College 765 Newman Springs Road, Lincroft in The Bankier Library (ROOM 246) 
There are FEMA Loan specialists there who will help you fill out the application.
You can not get this rate at a bank and you do not have to take the loan but if you
apply by January 31, 2013 you have 18 months to decide if you need it or not.


 Other Loans Available For Disaster Relief Through The SBA

 Disaster Loans Available 

Home Disaster Loans – Loans to homeowners or renters to repair or replace damaged real estate or personal property owned by the victim. Renters are eligible for their personal property losses, including automobiles.
Business - Physical Disaster Loans – Including real estate, inventories, supplies, machinery and equipment. Charities, churches, private universities, etc., are also eligible.
Economic Injury Disaster Loans (EIDLs) – Working capital loans for small agricultural cooperatives and small businesses engaged in aquaculture. This loan is available only to entities and their owners who cannot provide for their own recovery.

Credit Requirements
Credit History – History acceptable to SBA.
Repayment – Show proof of your ability to repay.  Collateral is required for physical loss loans over $14,000 and all EIDL loans over $5,000.
However the SBA will not decline a loan for lack of collateral, but requires you to pledge what is available.
Interest Rates
By law, the interest rates depend on if you have credit available else ware and if you able to provide for your own recovery or not. 

The Fixed interest rates would be one of the following.

Home Loans 1.688%    3.375%
Business Loans 4.000%    6.000%
Non-Profit Organization Loans 3.000%   3.125%
Businesses and Small Agricultural Cooperatives   4.000%

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