SBA disaster assistance available for Warwick condo fire

THE DEADLINE to submit disaster loan applications for damages caused by a March fire at the Westgate condominium complex is June 5, according to the U.S. Small Business Administration.
THE DEADLINE to submit disaster loan applications for damages caused by a March fire at the Westgate condominium complex is June 5, according to the U.S. Small Business Administration.

WARWICK – The deadline to submit disaster-loan applications for damages caused by a March fire at the Westgate condominium complex is June 5, according to the U.S. Small Business Administration.
The fire, in Kent County, destroyed the building and displaced almost 100 people, according to media reports.
The low-interest disaster loans are available to businesses of all sizes, as well as private nonprofit organizations, homeowners and renters in Kent, Bristol, Providence and Washington counties, along with New London and Windham counties in Connecticut.
An SBA spokesman said it is standard protocol to include contiguous counties in disaster-loan declarations, but applicants need to have damages related to the specific disaster that prompted the declaration.

Businesses of any size and nonprofit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets.
For small businesses, small agricultural cooperatives, small aquaculture businesses and most private, nonprofit organizations, the SBA offers economic- injury disaster loans to help meet working-capital needs caused by the disaster. This assistance is available regardless of whether the business suffered any physical property damage.

Loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for loans up to $40,000 to repair or replace damaged or destroyed personal property.
Applicants may be eligible for a loan-amount increase up to 20 percent of their physical damages, as verified by the SBA, to make improvements that help prevent the risk of future property damage caused by a similar disaster.

Interest rates are as low as 4 percent for businesses, 2.6 percent for nonprofit organizations, and 1.8 percent for homeowners and renters with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.

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Applicants may apply online HERE. The deadline to file for physical property damage is June 5; the deadline to return economic injury applications is Jan. 6.

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