WASHINGTON, D.C. – U.S Senator Angus King (I-ME) and Representative Mike Michaud (D-ME) today applauded an announcement from the U.S. Small Business Administration (SBA) that it will offer low-interest disaster loans to Maine residents and businesses affected by apartment fires on April 29 and May 3 in downtown Lewiston. SBA Administrator Karen Mills made the loans available in response to a letter from Governor LePage requesting disaster declarations. Both declarations cover Androscoggin County and the adjacent counties of Cumberland, Franklin, Kennebec, Oxford, and Sagadahoc. Representative Michaud this week wrote a letter of support for Governor LePage’s request for emergency low-interest loans. Senator King personally surveyed the fire damage earlier this month.

“The Small Business Administration’s decision to offer federal disaster loans to those impacted by the devastating fires is outstanding and welcome news for the community and we could not be more pleased,” Senator King and Representative Michaud said in a joint statement. “These low-interest loans have the potential to play a vital role in assisting and supporting both business owners and local residents as they work to get back on their feet. Without question it’s a valuable step in the recovery process and we pledge to continue to help in any way we can.”

SBA is making loans up to $200,000 available to homeowners to repair or replace damage or destroyed real estate while homeowners and renters are eligible to receive up to $40,000 for damaged or destroyed personal property. SBA may increase a loan up to 20 percent of the total amount of disaster damage to real estate and/or leasehold improvements, as verified by SBA, to make upgrades that lessen the risk of property damage by similar future disasters.

Interest rates are as low as 1.875 percent for homeowners and renters, 2.875 percent for non-profit organizations and 4 percent for businesses with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.

Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at https://disasterloan.sba.gov/ela.

A disaster Loan Outreach Center will also open:

Androscoggin County

Lewiston City Hall

27 Pine Street

Lewiston, ME 04240

Opening:    Tuesday, June 4 at 8 a.m.

Hours:        8 a.m. to 4:30 p.m., Tuesday - Thursday, June 4–6

Closing:     Thursday, June 6 at close of business

Individuals and businesses unable to visit the center in person may also obtain information and loan applications by calling the SBA’s Customer Service Center at 1-800-659-2955 (or 1-800-877-8339 for the deaf and hard-of-hearing), or by emailing disastercustomerservice@sba.gov. Loan applications can also be downloaded at www.sba.gov.

Completed applications should be returned to the center or mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, Texas 76155.

The filing deadline to return applications for physical property damage is July 29, 2013.  The deadline to return economic injury applications is March 3, 2014.

###