SBA disaster declaration opens low-interest loans to Fairfield County flood victims
Homeowners, renters, businesses and nonprofits in Fairfield, New Haven and Litchfield counties may apply for federal disaster loans after the Sept. 13 flash flooding, Gov. Ned Lamont said.
Homeowners, renters, businesses and nonprofits in Fairfield County and the neighboring New Haven and Litchfield counties are eligible to apply for low-interest federal loans after the U.S. Small Business Administration approved a disaster declaration for the Sept. 13 flash flooding, Connecticut Gov. Ned Lamont said Tuesday.
Lamont requested the declaration after joint assessments by SBA, state and local officials found that damage from the storm exceeded the threshold needed to qualify, according to the governor's office.
Under the declaration, homeowners may borrow up to $500,000 to repair a primary home. Homeowners and renters may borrow up to $100,000 to repair or replace damaged or destroyed personal property. Business owners may borrow up to $2 million to replace real estate, inventory, machinery, equipment and other physical losses. Businesses and nonprofits may also seek economic injury loans of up to $2 million for working capital until normal operations resume.
The deadline to apply for physical damage loans is Dec. 1. The deadline for economic injury loans is July 2, 2027.
A temporary SBA outreach center is set to open Oct. 7 at the Margaret E. Morton Government Center in Bridgeport. It will be closed Oct. 12 for Columbus Day and is expected to close permanently Oct. 21. Applications can also be submitted online through the SBA's lending portal at lending.sba.gov, and the agency's customer service center can be reached at 1-800-659-2955.
"We know there are people with uninsured losses," said Ronnell A. Higgins, commissioner of the state Department of Emergency Services and Public Protection. He said volunteer faith-based and nonprofit groups remain involved in helping people with cleanup.
Lamont encouraged anyone affected by the storm to look into whether the loans could help in their recovery.
This brief was drafted by AI from a public agency or political press release and published by The New England Signal. Why we use AI for stories like this one.