Businesses and nonprofit organizations in New Castle County negatively impacted by Hurricane Sandy may be eligible for low-interest loans, and are invited to a seminar

The seminar is free. The Small Business Administration recently announced that the Hurricane Sandy disaster relief loan program has been extended through December 1, 2016. This seminar is being co-presented by the Delaware Small Business Development Center and the Small Business Administration, and hosted by the Greater Wilmington Convention & Visitors Bureau.

Businesses, nonprofits, homeowners and renters in New Castle County may be eligible for loans on uninsured losses:

Physical damage loans to replace or repair disaster-damaged property including real estate, inventory, supplies or equipment for any size business;

Economic injury disaster loans for working capital loans for small businesses, aquaculture operations and non-profit organizations to meet their financial obligations that cannot be met due to a direct result of the disaster; and

Home disaster for homeowners or renters to repair or replace disaster-damaged real state including automobiles.

Businesses and private nonprofit organizations may borrow up to $2 million. Loan rates for businesses are four percent and three percent for nonprofits. Homeowners can apply for up to $200,000 and renters can apply for up to $40,000 for less than two percent interest.

 Richard Daigle, Public Affairs Specialist with the SBA’s Disaster Assistance Office in Atlanta, GA, will present information about the loan extension program.