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STATE OF CONNECTICUT EXECUTIVE CHAMBERS HARTFORD, CONNECTICUT 06106 |
M. Jodi Rell Governor |
FOR IMMEDIATE RELEASE October 18, 2010
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Contact: (800) 659-2955
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Governor Rell: SBA Assistance for Fairfield, Litchfield, New Haven Counties for June 24 Tornado
Governor M. Jodi Rell today announced that her request for Small Business Administration (SBA) disaster assistance has been approved and low-interest loans are now available to help homeowners and businesses affected by a June 24 tornado. The aid is available in Fairfield County and the adjacent Connecticut counties of Litchfield and New Haven – as well as three adjacent counties in New York.
“This is much-needed financial assistance for people who were literally struck by a bolt from the blue,” Governor Rell said. “The storms of June 24 struck with a speed and a strength that we seldom see in Connecticut. To make matters worse, much of the area that was hardest-hit does not have the resources needed to recover on its own. With these SBA loans, homeowners and businesses now have a place to turn.
“These SBA loans will be especially critical for the Bridgeport and Stratford areas because our damage assessment teams determined that the vast majority of people who were affected by the storm were uninsured,” the Governor said. “Only 17 percent of the losses we found during the damage assessment process were covered by insurance. Moreover, most of this damage occurred in an area where 42 percent of residents have a median income below the national poverty level. I appreciate the SBA’s quick and compassionate response to my request.”
In addition to the two Connecticut counties, residents of Dutchess, Putnam and Westchester counties in New York who were affected by the storms are also eligible for assistance under the declaration.
Governor Rell also sought disaster relief from the Federal Emergency Management Agency, but FEMA denied both the state’s original request and an appeal filed by the Governor on September 17.
The SBA is offering loans to homeowners to repair or replace damaged real estate or personal property; renters can get loans to replace damaged personal property. In both cases, the loans can be used to replace storm-damaged automobiles.
Businesses and non-profit organizations can get loans to repair or replace damaged real estate, supplies, inventories, machinery and equipment, as well as loans of working capital to assist in business operations through the recovery period.
Interest rates for the loans vary, depending on whether the borrower has access to credit elsewhere. The deadline for applying for loans to cover physical damage is December 17; the deadline for loans to cover economic injury is July 18, 2011.
For more information, contact the SBA at (800) 659-2955, by e-mail at disastercustomerservice@sba.gov or online at www.sba.gov/services/disasterassistance.