Attention Businesses Affected By Tropical Storm Irene
Posted: 10-07-11
The deadline for the physical damage loan application is fast approaching……October 31, 2011. If you are waiting to apply for economic injury until the deadline next summer we have learned that applying now is the best strategy.
Our desire is for you to have all options for funding available to you. We have been trained by the SBA disaster team, and helped many clients over the past few weeks. Here is what we have learned:
1. Everyone who has suffered damages should consider applying.
2. It is IMPORTANT to note that you can do the process and decide to take all, part, or none of the money provided…but that option is only available if you apply. There is NO cost to apply, and no closing cost. In addition to Vermont Economic Development Authority (VEDA) this is the most targeted loan option that you will have.
3. The loan application process is complex and by working with a Vermont Small Business Development Center (VtSBDC) advisor the process can be made more streamlined and successful. We can make sure that you have the application prepared correctly and that you have all of the supporting documents required.
4. Although the application portion can be submitted on-line we strongly suggest that you walk into a Business Recovery Center (Springfield, 14 Clinton Street – open M-F 8 to 6) or local FEMA/SBA Disaster Recovery Center with the application and all necessary documents in hand. The reason for this suggestion is that supporting documents cannot be submitted on-line and your application process is not complete until all documents are received. They will make sure that the application is complete (you should keep a copy of everything) and it will be sent overnight (on their dime) to the Texas facility.
5. Although the deadline is 10/31/11 DO NOT wait until the last week to apply as the process takes time and you don’t want to eliminate this as an option for your business.
We understand that this is a difficult decision – to borrow money or not. Remember, VtSBDC was here before… we’re here during….and we’ll be here after. So call us to explore options or to help you complete the application. To contact the advisor in your area, visit www.vtsbdc.org or call 1-800-464-7232.