News

Midstate Chamber of Commerce, Inc. News

Web Site: http://www.midstatechamber.com
546 South Broad Street, Suite 2C, Meriden, CT 06450 - 3272
Tel: (203) 235-7901 Fax: (203) 686-0172

We are a dynamic network of thousands of individuals from over 550 diverse companies and organizations who are actively interested in improving our businesses and our communities. Get Involved and Get Invested and Join Today!

View all News Articles for Midstate Chamber of Commerce, Inc.

Governor Rell Announces Approval of SBA Disaster A ...

August 10, 2006

Governor M. Jodi Rell today announced that the U.S. Small Business Administration has approved her request for a disaster declaration for five Connecticut counties in response to the record June flooding.

Homeowners, renters, and businesses affected by the floods in Fairfield, Hartford, Litchfield, Middlesex and New Haven Counties are now eligible for low-interest federal loans.

Although the SBA awarded the primary declaration for New Haven County based on damage assessments, residents in all contiguous counties are now eligible for the same assistance under SBA regulations. Individuals and businesses in the five Connecticut counties may now apply for SBA loans.

"I am extremely grateful for SBA's quick and comprehensive response to the needs of Connecticut property owners." said Governor Rell. "The infrastructure damage I viewed in Waterbury was extensive and will cost millions of dollars to repair. Towns across the state suffered as well. I encourage all affected residents and business owners to take advantage of these low-interest loans to help put their properties and livelihoods back in order."

Last month, Governor Rell and Waterbury Mayor Michael J. Jarjura announced that preliminary damage estimates of the June 2 and 3 flash flooding in the city totaled $4.4 million. Other towns in Greater Waterbury had estimated damage totaling more than $600,000 from the storm, which dumped up to seven inches of rain on the region in three hours.

SBA offers loans up to $200,000 to repair disaster-damaged primary residences. Homeowners and renters are eligible for loans up to $40,000 to replace personal property such as furniture, clothing and automobiles. Loans to businesses of all sizes and non-profit organizations are available up to $1.5 million to repair damaged real estate, machinery, equipment and inventory. Economic Injury Disaster Loans are also available to small businesses unable to pay bills or meet operating expenses.

Interest rates can be as low as 2.93 percent for homeowners and renters and 4 percent for businesses with terms up to 30 years. Loan amounts and terms are set by SBA and are based upon each applicant's financial condition and the amount of uninsured losses.

Governor Rell strongly encouraged all homeowners, renters or businesses who may be interested in a low-interest loan to apply as soon as possible and not to wait for insurance settlements or contractor estimates.

The deadline for applications for SBA physical damage loans is September 11.

Homeowners, renters, and businesses may request applications and additional information from the Small Business Administration by calling SBA's customer service center at 1-800-659-2955 daily from 6 a.m. to 11 p.m., or visit the Web site at www.sba.gov/disaster.

On June 5, Governor Rell directed the Connecticut Department of Emergency Management and Homeland Security (DEMHS) to coordinate and complete a comprehensive damage assessment of heavy rains and major flooding in Greater Waterbury and throughout Connecticut, a key first step in applying for federal assistance to help municipalities pay for repairs.

Primary: New Haven, and Fairfield, Hartford, Litchfield and Middlesex. SBA Customer Service Center: 1-800-659-2955 Mailing Address: SBA-Disaster Assistance National Processing and Disbursement Center 14925 Kingsport Road Fort worth, TX 76155

U.S SMALL BUSINESS ADMINISRATION (Agency - Severe Storms/Flooding) CONNECTICUT# 10513/10514 Deadlines: September 11, 2006 (physical) April 13, 2007 (EI)

Primary County: New Haven and Contiguous Counties: Fairfield, Hartford, Litchfield and Middlesex.

SBA Customer Service Center: 1-800-659-2955

Mailing Address: SBA- Disaster Assistance National Processing and Disbursement Center 14925 Kingsport Road Fort Worth, TX 76155

SBA Disaster Outreach Center

NEW HAVEN COUNTY: Waterbury City Hall 236 Grand Street Waterbury, CT 06702

Opens: Monday, July 17 at 9:00 AM

Opens: Monday - Friday from 9:00 AM to 6:00 PM, until further notice Saturday, July 22 from10:00 AM to 2:00 PM (Open 1Saturday Only)

Member News is provided as a service of the Midstate Chamber of Commerce and is also featured in the monthly "Chamber News" newsletter mailed to members.