SBA Disaster Assistance Expands To Businesses And Residents In St. Thomas And St. John
- Staff
- September 26, 2017
The U.S. Small Business Administration on Monday announced that it has added more islands to the disaster declaration in U.S. Virgin Islands affected by Hurricane María that began on Sept. 16. The disaster declaration covers the islands of St. Croix, St. John and St. Thomas which are eligible for both Physical and Economic Injury Disaster Loans from the SBA. Businesses and private nonprofit organizations of any size may borrow up to $2 million to repair or replace disaster damaged or destroyed real estate, machinery and equipment, inventory, and other business assets. Applicants may be eligible for a loan amount increase up to 20 percent of their physical damages, as verified by the SBA for mitigation purposes. Eligible mitigation improvements may include a safe room or storm shelter to help protect property and occupants from future damage caused by a similar disaster. For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonp...
