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SBA Announces Loans Available for Springfield Explosion Victims

Springfield Explosion

SPRINGFIELD, Mass. (WGGB) – The Small Business Administration is now accepting loan applications from victims of the November gas explosion and has opened a center to help people file those claims.

The U.S. Small Business Administration (SBA) temporary office is located in room B42 of the state office building on Dwight Street and will be open weekdays from 9:00 a.m. to 5:00 p.m. until Thursday, December 20.

The SBA is offering low-interest disaster loans to residents and businesses impacted by the blast. Loans for homeowners and renters are as low as 1.688 percent, 3 percent for non-profits, and 4 percent for businesses, with terms up to 30 years.

“The SBA is strongly committed to providing the people of Massachusetts with the most effective and customer-focused response possible to assist homeowners, renters, and businesses of all sizes with federal disaster loans. Getting businesses and communities up and running after a disaster is our highest priority at SBA,” says SBA Administrator Karen Mills.

  • Homeowners may be eligible for loans up to $200,000 to help repair or replace damaged or destroyed real estate.
  • Both homeowners and renters are eligible for up to $40,000 in loans to repair or replace damaged or destroyed personal property.
  • Businesses and non-profit agencies of any size may borrow up to $2 million to repair or replace real estate, machinery, equipment, inventory, and other business assets.

Loan amounts and terms will be set by the SBA and based on each applicant’s financial conditions.

In addition to the center, those seeking assistance can apply for a loan online.

If you can’t make it down to the center, you can get more information or loan applications by calling (800) 659-2955 (Deaf and hard-of-hearing: (800) 877-8339) or by sending an email.

The filing deadline for physical property damage is February 11, 2013, and the deadline for economic injury is September 11, 2013.

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