Low-interest disaster loans from the Small Business Administration are available to businesses and residents in Vermont following the announcement of a Presidential disaster declaration due to damages from severe storms and flooding that began on July 7.

The disaster declaration covers Chittenden, Lamoille, Rutland, Washington, Windham and Windsor counties in Vermont, which are eligible for both Physical and Economic Injury Disaster Loans from the SBA. Small businesses and most private nonprofit organizations in the following adjacent counties are eligible to apply only for SBA Economic Injury Disaster Loans: Addison, Bennington, Caledonia, Franklin, Grand Isle, Orange, and Orleans.

Impacted businesses should not wait to settle with their insurance company before applying for a disaster loan. If a business does not know how much of their loss will be covered by insurance or other sources, SBA can make a low-interest disaster loan for the total loss up to its loan limits, provided the borrower agrees to use insurance proceeds to reduce or repay the loan.

The filing deadline to return applications for physical property damage is September 12, 2023. The deadline to return economic injury applications is April 15, 2024.

For more information, click here.

Additional Information

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.

For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations, the SBA offers Economic Injury Disaster Loans  to help meet working capital needs caused by the disaster. Economic Injury Disaster Loan assistance is available regardless of whether the business suffered any physical property damage.

Interest rates are as low as 4% for businesses, with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.

Building back smarter and stronger can be an effective recovery tool for future disasters. Applicants may be eligible for a loan amount increase of 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, sump pump, elevation, retaining walls, and landscaping to help protect property and occupants from future damage caused by a similar disaster.

Applicants may apply online using the Electronic Loan Application via SBA’s secure website at https://disasterloanassistance.sba.gov/ela/s/ and should apply under SBA declaration # 18016.

To be considered for all forms of disaster assistance, applicants should register online at www.disasterassistance.gov or download the FEMA mobile app. If online or mobile access is unavailable, applicants should call the FEMA toll-free helpline at 800-621-3362. Those who use 711-Relay or Video Relay Services should call 800-621-3362.

Disaster loan information and application forms can also be obtained by calling the SBA’s Customer Service Center at 800-659-2955 (if you are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services) or sending an email to DisasterCustomerService@sba.gov. Loan applications can also be downloaded from www.sba.gov/disaster. Completed applications should be mailed to:

U.S. Small Business Administration

Processing and Disbursement Center

14925 Kingsport Road

Fort Worth, TX 76155.