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SBA Approves $16 Million In Disaster Loans for Hurricane Damage in Vermont

Vermont residents and businesses recovering from the damage caused by Tropical Storm Irene in August 2011 have been assisted by more than $16 million in disaster-assistance loans from the U.S. Small Business Administration (SBA).

“The FEMA team gets a lot of the headlines, but our partners at the SBA have been critical in helping Vermont homeowners, renters and businesses with low-interest disaster loans,” said Federal Coordinating Officer James N. Russo. “The amount of money they have put on the streets is truly remarkable.”

“The size and number of loans we have approved is a testament to just how much damage Tropical Storm Irene caused,” said Carl Sherrill, a spokesman for the SBA. “We urge all Vermonters who received but have not yet filled out an SBA application to do so, even if you don’t want a loan.”

That’s because individuals and families who do not qualify for an SBA low-interest disaster recovery loan may still be eligible for additional FEMA grants, Sherrill said.

The SBA has issued 5,842 loan applications to homeowners and businesses in Vermont. To date, a total of 842 have been returned, and 276 applications totaling $16,138,800 have been approved.

SBA makes loans to homeowners, renters, businesses of all sizes and non-profits. The SBA may be able to offer a loan that will provide money for recovery if an insurance claim is delayed or denied. If the claim is paid, the insurance settlement can be used to pay off the SBA loan


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