Deadline to Apply for SBA Physical Disaster Loans Approaching in Vermont

ATLANTA - The U.S. Small Business Administration (SBA) is reminding businesses, private nonprofit organizations, homeowners and renters in Vermont affected by the severe storms, flooding, landslides and mudslides that occurred July 9 - 11, to apply for physical damage disaster loans by the Oct. 21 deadline.

Those affected by the disaster should not wait to settle with their insurance company before applying for a disaster loan. If a survivor 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 disaster declaration covers Addison, Caledonia, Chittenden Essex, Lamoille, Orleans and Washington which is 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 (EIDLs): Franklin, Grand Isle, Orange, Rutland and Windsor in Vermont; Coos and Grafton in New Hampshire and Clinton, Essex and Washington in
New York.

Applicants can still get assistance at SBA's Business Recovery Center (BRC) in Washington County. Customer Service Representatives at the BRC will help business owners complete their disaster loan application, accept documents, and provide updates on an application's status. Walk-ins are accepted, but you can schedule an in-person appointment at an SBA Disaster Recovery Center in advance. The Center address and hours of operation are indicated below.

Business Recovery Center (BRC)
Washington County

Barre Municipal Auditorium

20 Auditorium Hill

Barre, VT 05641

Hours: Monday - Friday, 9 a.m. to 6 p.m.

Saturday, 10 a.m. to 2 p.m.

Closed: Sunday

With the changes to FEMA's Sequence of Delivery, survivors are now encouraged to simultaneously apply for FEMA grants and the SBA low-interest disaster loan assistance to fully recover. FEMA grants are intended to cover necessary expenses and serious needs not paid by insurance or other sources. The SBA disaster loan program is designed for your long-term recovery, to make you whole and get you back to your pre-disaster condition. Do not wait on the decision for a FEMA grant; apply online and receive additional disaster assistance information at sba.gov/disaster.

Applicants may also call the SBA's Customer Service Center at (800) 659-2955 or send an email to [email protected] for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

Submit completed loan applications to SBA no later than Oct. 21, 2024. The deadline to submit economic injury applications is May 20, 2025.

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About the U.S. Small Business Administration

The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.