Atlantic News, August 26, 1999
[The following article is courtesy of the Atlantic News.]
HAMPTON -- The US Small Business Administration (SBA) presented its first disaster loan check to a local business that sustained losses caused by the June 16, five-alarm fire in Hampton.
SBA NH District Director William K. Phillips presented the fire victims with their initial check at a public ceremony at the Hampton Fire Department.
"At the SBA, helping small businesses succeed is our business," Phillips said. "In times of disaster, our ability to lend assistance becomes even more crucial, often to a business' very survival. I'm pleased the SBA was able to respond so quickly to the needs of this small business."
The recipients, owners of the Old Salt Restaurant at 83 Ocean Boulevard, were the first to take advantage of the SBA disaster assistance program, and received their check within 11 days of the disaster declaration being issued.
"SBA's disaster loan program is committed to helping business owners recover from the damages caused by natural disasters," said William E. Leggiero, Jr., SBA's disaster area director for Region 1. "The SBA declared the fire a disaster the day after the necessary paperwork was received from the state."
Under the program Economic Injury Disaster Loans (EIDIs) are available to eligible small businesses unable to pay bills or meet operating expenses. SBA disaster loans cover uninsured or otherwise uncompensated losses only. Businesses may qualify for loans up to 31.5 million. The interest rate on these loans is four percent with terms up to 30 years.
As a result of SBA5 disaster declaration, disaster loans are available to business owners in Rockingham County and the contiguous counties of Hillsborough, Merrimack, and Strafford in New Hampshire; York, Maine; and Essex, Massachusetts.