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October 18, 2010

SBA thumbs-up on CT tornado aid

Damaged homeowners and businesses from a June 24 tornado that struck three Connecticut counties are eligible for Small Bsuiness Administration disaster aid, the governor says.

Gov. M. Jodi Rell said the SBA approved her aid request for the storm that hit Fairfield, Litchfield and New Haven counties, as well as three adjacent New York counties.

The Federal Emergency Management Agency previously rejected both the state's original request and Rell's subsequent appeal.

"This is much-needed financial assistance for people who were literally struck by a bolt from the blue," Rell said Monday in a statement. "The storms of June 24 struck with a speed and a strength that we seldom see in Connecticut. To make matters worse, much of the area that was hardest-hit does not have the resources needed to recover on its own.''

The SBA is offering loans to homeowners to repair or replace damaged real estate or personal property; renters can get loans to replace damaged personal property. In both cases, the loans can be used to replace storm-damaged automobiles.

Businesses and nonprofits can get loans to repair or replace damaged real estate, supplies, inventories, machinery and equipment, as well as loans of working capital to assist in business operations through the recovery period.

Interest rates for the loans vary, depending on whether the borrower has access to credit elsewhere.

The deadline for applying for loans to cover physical damage is Dec. 17; the deadline for loans to cover economic injury is July 18, 2011.

Contact the SBA at (800) 659-2955, by e-mail at disastercustomerservice@sba.gov or online at www.sba.gov/services/disasterassistance.

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