â€œThe prompt approval from the SBA for this physical disaster declaration is another promising step toward helping the City of Revere and its residents rebuild their lives and their community,â€ said Governor Patrick.
Senator Markey and Senator Warren and the congressional delegation were of great assistance in this effort by sending a letter of support encouraging SBA to approve the declaration.
The SBA will provide long term, low interest loans of up to $40,000 to repair or replace damaged or destroyed personal property.Â Loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate.Â These SBA loans will provide an important source of financing for uninsured or under-insured residents.
Types of loans that will be available:
Home Disaster Loans â€“ Loans to homeowners or renters to repair or replace disaster-damaged real estate or personal property owned by the victim. Renters are eligible for their personal property losses, including automobiles. (Limited to a maximum of $200,000 for the repair/replacement of real estate, and $40,000 to repair/replace personal property).
Business Physical Disaster Loans â€“ Loans to businesses to repair or replace disaster-damaged property owned by the business, including real estate, inventories, supplies, machinery and equipment. Businesses of any size are eligible. Private, non-profit organizations such as charities, churches, private universities, etc., are also eligible. (Limited to $2,000,000 for repair/replacement of real estate, inventories, machinery, equipment, etc.).
Economic Injury Disaster Loans (EIDL) â€“ 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 disaster. These loans are intended to assist through the disaster recovery period. (Limited to $2,000,000 for economic injury caused by the disaster). EIDL assistance is available only to entities and their owners who cannot provide for their own recovery from non-government sources, as determined by the U.S. Small Business Administration
In coordination with the City of Revere, the Massachusetts Emergency Management Agency (MEMA) conducted a Preliminary Damage Assessment (PDA) in the aftermath of the tornado and determined that the damage exceeds the Small Business Administration criteria for a disaster declaration; damage to a minimum of 25 homes and businesses resulting in uninsured losses of 40 percent or more of the estimated fair market value of the damaged property.
The SBAâ€™s Customer Service Representatives will be available at the SBA Disaster Outreach Center from Friday, August 8, 2014 through, Tuesday, August 19, 2014, to issue loan applications, answer questions about the loan program, explain the application process and help individuals complete their application.
The Disaster Loan Outreach Center will be located at:
184 Shirley Avenue
Revere, MA 02151
Hours: Opening: Friday, August 8 from 9:00am to 6:00pm
Saturdays from 9:00am to 1:00pm
Open weekdays from 9am to 6pm
Closing: Tuesday August 19 from 9:00am to 3:00pm
Those unable to visit the Center in person may obtain SBA information and loan applications by calling (880) 659-2955 (TTY for hearing impaired individuals at (800) 877-8339). (Mon.-Fri 8:00am to 6:00pm), email [email protected], or visit the SBA website at www.sba.gov/disaster. Applicants may also apply online using the Electronic Loan Application (ELA) via SBAâ€™s secure website at https://disasterloan.sba.gov/ela.
SBA â€“ Disaster Assistance
Processing & Disbursement Center
14925 Kingsport Road
Fort Worth Texas 76155
The filing deadline to return applications for physical property damage is October 6, 2014.
The filing deadline to return applications for economic injury is May 6, 2015.