SBA Offering Disaster Assistance to Those Impacted by Compadres Mall Fire

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Guam – The U. S. Small Business Administration (SBA) is making low-interest working capital loans available to small businesses economically impacted by a fire at the Compadres Mall in Dededo, Guam on January 28. SBA Administrator Karen G. Mills announced today [Thursday] that the SBA acted under its own authority to declare a disaster following a request received on April 25, from Gov. Eddie Baza Calvo.   

“The U. S. Small Business Administration is strongly committed to providing the most effective and customer-focused response possible to assist Guam’s small businesses with federal disaster loans. We will be swift in our efforts to help these small businesses recover from the financial impacts of this disaster,” said Administrator Mills.

Small, non-farm businesses, small agricultural cooperatives and most private, non-profit organizations of any size may qualify for Economic Injury Disaster Loans (EIDLs) of up to $2 million to help meet financial obligations and operating expenses which could have been met had the disaster not occurred.

“These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact.  Disaster loans can provide vital economic assistance to small businesses to help overcome the temporary loss of revenue they are experiencing,” said Kenneth Lujan, SBA’s Guam branch manager.

Eligibility is based on the financial impact of the disaster only and not on any actual property damage. These loans have an interest rate of 4 percent for small businesses and 3 percent for private, non-profit organizations with terms up to 30 years, and are restricted to small businesses without the financial ability to offset the adverse impact without hardship.  

For owners of these impacted small businesses, disaster loan information and application forms are available from SBA’s Customer Service Center by calling SBA toll-free at (800) 659-2955, emailing disastercustomerservice@sba.gov, or visiting SBA’s Web site at www.sba.gov/services/disasterassistance. Hearing impaired individuals may call (800) 877-8339.  

The filing deadline to return economic injury applications is January 27, 2012.