Rep. Bishop Announces Suffolk Residents Eligible for Small Business Administration Disaster Loans

Rep. Tim Bishop announced this week that Suffolk County homeowners and business owners who suffered property damage or economic loss in the severe storms and flooding of March 12 through March 30 could be eligible for financial assistance through the Small Business Administration (SBA), his staff said.

Loans are the primary form of Federal disaster assistance for the repair and rebuilding of disaster losses. SBA does not provide disaster grants directly to homeowners and business owners, according to a statement released by his office.

"SBA loans are one more tool to help our community rebuild from this devastating storm system," Rep. Bishop said in the statement. "I encourage everyone from our area who suffered damage to their home or business to visit disasterassistance.gov and apply for this assistance."

The SBA makes two types of disaster loans: Physical Disaster Loans for homes and businesses; and Economic Injury Disaster Loans, both of which are typically made at below market interest rates and loan maturities can be up to 30 years.

Borrowers must have a credit history acceptable to SBA and the ability to repay a new loan. Other eligibility restrictions can be found at sba.gov.