The SBA has announced the start of a Business Recovery Center in Barre, Vermont. Entrepreneurs affected by severe storms and flooding that happened on May 26 – 27, 2011 should come to the center to apply for any assistance that they feel is required to overcome the scars left by the disaster storms. The centre shall be opening on Tuesday, July 19, at Barre City Hall.
Private non-profit organizations can borrow up-to $2 million that can be used for reparation purposes. Replacement and reparation of storm-affected real estate, machinery, inventory, equipment, and other business assets can be leveraged with the loans. For fixing purposes, the SBA is keen to increase lending up-to 20 percent for real estates and lease holds so as to protect them from the risk of property damage from similar natural disasters in the future.
SBA is also offering ‘Economic Injury Disaster Loans’ for small businesses like agricultural cooperatives, aquaculture businesses, so as to help them meet working capital needs. Entrepreneurs can apply for the Economic Injury Disaster Loans even if their business did not suffer any physical damages. Representatives of SBA will be present at the recovery center to answer queries, issue loan applications, explain the process of filing loan applications and assist businesses to complete applications.
This article was submitted by Raj Tulshan, Director of Business Development of Biz2Credit. Biz2Credit is a small business marketplace that connects entrepreneurs with financing options and advice to grow their business. Send all questions to