Middlebury, VT– People in Addison County can now get some help from the U.S. Small Business Administration to apply for loans. Homeowners, business owners, and renters may be eligible, and can head to the new outreach center in Middlebury to get some questions answered.
The SBA opened up a Disaster Loan Outreach Center Tuesday, located on Route 7 South in Middlebury. Those affected by July’s storm and flooding in Addison County can stop in and get some help applying for loans. But the office will only be there for the next two weeks.
Some disaster help from the SBA for rural communities; the administration will help you find out if you qualify for disaster home loans, business loans, or loans for nonprofits.
SBA Public Affairs Specialist Jim Accurso outlines some of the perks.
“There is no fee to apply, there’s no obligation to take the loan if it’s offered,” says Accurso. “If they are awarded the loan, they don’t have to pay us back until month 13, so it’s deferred interest free for the first year, so it gives them a little more time to get back on their feet.”
He says the SBA will also help businesses with economic injury disaster loans.
People who may qualify for any loan type could be renters or homeowners who lost items in a home, people who suffered real estate losses, property losses, or business owners who lost any inventory or supplies.
“We are different from FEMA, FEMA offers grants, we offer loans,” notes Accurso. “Our loans are low interest and long term, so they can be up to 30 years, the interest rate is 4% for businesses and 2.375% for nonprofits.”
Accurso says it may be easier for some folks to go in-person to speak to a customer service representative face-to-face, and get their questions answered.
For those who may be worried about taking out another loan, Accurso says the SBA can work with you; “you may not want the max amount, so we’ll work with you in that regard.”
The Disaster Loan Outreach Center is located in Middlebury at 1590 Rt. 7 South in the back of the building. It’s open Monday through Friday 9 a.m. to 6 p.m. and on Saturdays 10 a.m. to 2 p.m.
The office will close permanently on October 3rd at 4 p.m.
The application deadline for property damage loans is November 13th.