Second Disaster Loan Center Opens to Meet Demand

Swampscott now have two places to apply for low-interest long-term loans to help them recover from the damage sustained in the Oct. flash flooding: Salem and Beverly.

The U.S. Small Business Administration announced yesterday that a second Disaster Loan Outreach Center will open at the Beverly High School this morning to assist individuals and businesses affected by the severe storms and flooding.

The SBA was already operating, and continues to operate, an outreach center in Salem.

But due to the heavy physical and economic losses born by Massachusetts towns, including Swampscott, the SBA has opened the second site, the SBA stated.

They want to make it more convenient for victims to get assistance.

Individuals and businesses can meet individually with SBA representatives and find out how a low-interest disaster loan can help them recover, according to the SBA.

The Centers are located in the following communities and open as indicated. Both Centers will cease operation  Saturday, Oct. 29  at the close of business:

Essex County

Beverly High School

Salem City Hall Annex

100 Sohier Road

120 Washington Street – Room 314

Beverly, MA 01915

Salem, MA  01970

Opens:   Thur., Oct. 20 at 9 a.m.

Open:   Mon., Tue., Wed., Fri. 9 a.m. to 5 p.m

Hours:   Mon. – Fri.; 9 a.m. to 6 p.m.

Thur., 9 a.m. to 7 p.m.

Sat., 9 a.m. to 2 p.m.

Sat., 9 a.m. to 2 p.m.

(Closed on Sunday)

(Closed on Sunday)

Representatives of the Small Business Administration will be at the Recovery Centers to hand out applications, answer questions and accept applications.

The interest rate would be 2.5 percent for those without credit available elsewhere. The payback period can last up to 30 years.

Homeowners can borrow up to $200,000 for flood losses.

Individuals may also apply online.

Here is some information from the SBA website about applying for a loan.

Applying For A Disaster Loan

SBA now offers you the option of filing your home and business disaster loan applications electronically. To file your disaster loan application online, please click here. You also have the option of submitting your application via mail.

You may also apply in person at any Disaster Recovery Center and receive personal, one-on-one help from an SBA representative. For information or to find a location near you, please contact our Customer Service Center. Call 1-800-659-2955 (TTY: 1-800-877-8339) or e-mail disastercustomerservice@sba.gov.

The declaration disaster also opens up economic-injury loans to small businesses and nonprofits.

Hundreds of Swampscott homes were slammed by flash flooding that struck early Oct. 4. Many homeowners' losses were not covered by flood insurance.

The filing deadline to return applications for physical property damage is December 12, 2011.  The deadline to return economic injury applications is July 13, 2012.  

For more information about the SBA's Disaster Loan Program, visit www.sba.gov.