FEMA: Home/Business Damaged by Ida? A Low-Interest SBA Loan May be the Key to Recovery

December 13, 2021
FEMA News Desk: (609) 508-2235

News Release
Home/Business Damaged by Ida? A Low-Interest SBA Loan May be the Key to Recovery

Next to insurance, low-interest disaster loans from the U.S. Small Business Administration are the primary source of funds for Connecticut disaster survivors to make property repairs and replace personal property destroyed by Hurricane Ida.
If SBA determines you are eligible for a loan, you don’t have to accept it, but you should complete the loan
application as soon as possible to keep your recovery options open. If you apply and are not approved for an SBA
loan, you may be considered for additional FEMA assistance such as personal property replacement, disaster caused vehicle repair, or moving and storage fees.

Types of SBA Disaster Loans
Home Disaster Loans – Loans to homeowners or renters to repair or replace disaster-damaged real estate and
personal property, including automobiles. SBA disaster loans also may be used to pay insurance deductibles, if
needed.
Low-interest disaster loans are available to businesses, nonprofit organizations, homeowners and renters in
Fairfield, New Haven and New London counties.
Business Physical Disaster Loans – Businesses of any size are eligible for loans to repair or replace disaster damaged property owned by the business, including real estate, inventories, supplies, machinery and equipment.
Private, non-profit organizations such as charities, churches, private universities, etc., are also eligible.
Economic Injury Disaster Loans (EIDL) – Working capital loans to help small businesses, small agricultural
cooperatives, small businesses engaged in aquaculture, and most private, non-profit organizations of all sizes meet
their ordinary and necessary financial obligations that cannot be met as a direct result of the disaster. These loans
are intended to assist through the disaster recovery period.
EIDL loans are available to businesses and private nonprofit organizations of any size in Fairfield, New Haven and
New London counties and in the following adjacent counties: Hartford, Litchfield, Middlesex, New Haven, Tolland

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